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HomeMy Public PortalAbout1995 Comprehensive Annual Financial Report I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT I FOR THE YEAR ENDED i DECEMBER 31, 1995 I Prepared by Finance Department I Douglas R. Ellsworth Director of Finance I Mary L. Reibel Assistant Director of Finance VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 3t, 1995 INTRODUCTORY SECTION PAGE Principal Officials i Organization Chart ii Director of Finance's Letter of Transmittal iii - Certificate of Achievement for Excellence in Financial Reporting xiii FINANCIAL SECTION REPORT OF INDEPENDENT AUDITORS 1 - 2 GENERAL PURPOSE FINANCIAL STATEMENTS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet 3 Ali Governmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances 4 General, Special Revenue, and Debt Service Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actuai 5 All Proprietary and Fiduciary (Pension Trust) Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances 6 All Proprietary Fund Types Combined Statement of Cash Flows 7 Notes to Financial Statements 8 - 48 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 PAGE FINANCIAL SECTION (CONT.) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND Corporate Fund Balance Sheet 49 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 50 Schedule of Revenues - Budget and Actual 51 - 52 Schedule of Expenditures - Budget and Actual 53 - 66 SPECIAL REVENUE FUNDS All Funds Combining Balance Sheet 67 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 68 Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 69 Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 70 Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 71 Schedule of Expenditures - Budget and Actual 72 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Refuse and Recycling Fund Statement of Revenues, Expenditures, &nd Changes in Fund Balance - Budget and Actual 73 911 Commuttications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 74 GNAS Grant Fund Administration Department Schedule of Expenditures - Actual Only 75 GNAS Caretaker Fund Schedule of Expenditures - Actual Only 76 DEBT SERVICE FUNDS All Funds Combining Balance Sheet 77 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 78 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 79 CAPITAL PROJECTS FUNDS All Funds Combining Balance Sheet 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 81 VILLAGE OF GLENVIEW, ILLINOIS I Comprehensive Annual Financial Report I Table of Contents December 31, 1995 I PAGE I FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) I PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds I Combining Balance Sheet 82 Combining Statement of Revenues, Expenses, and 83 I Changes in Retained Earnings 84 Combining Schedule of Changes in Contributed Capital Combining Statement of Cash Flows 85 Waterworks Fund I Statement of Revenues, Expenses, and 86 Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses- Budget and Actual 87-89 I 90 Schedule of Fixed Assets and Depreciation Wholesale Water Fund I Statement of Revenues, Expenses, and I Changes in Retained Earnings - Budget and Actual 91 92 Schedule of Operating Expenses - Budget and Actual 93 Schedule of Fixed Assets and Depreciation I Sewerage Fund Statement of Revenues, Expenses, and 90 ! Changes in Retained Earnings - Budget and Actual 95 Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation 96 I 1 ! VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 PAGE FINANCIAL SECTION (CONT.) TYPES (CONT.) PROPRIETARY FUND ENTERPRISE FUNDS (CONT.) Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 97 Schedule of Operating Expenses - Budget and Actual 98 Schedule of Fixed Assets and Depreciation 99 INTERNAL SERVICE FUNDS All Funds Combining Balance Sheet 100 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 101 Combining Statement of Cash Flows 102 Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 103 Schedule of Operating Expenses - Budget and Actual 104 Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 105 FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Combining Balance Sheet 106 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Trust (Expendable Funds) 107 Combining Statement of Revenues, Expenses, and Changes in Fund Balances (Pension Trust Funds) 108 VILLAGE OF GLENVIEW, ILLINOIS I Comprehensive Annual Financial Report I Table of Contents December 31, 1995 I PAGE I FINANCIAL SECTION (CONT.) FIDUCIARY FUND TYPES {CONT.) I TRUST AND AGENCY FUNDS (CONT.) I Pension Trust Funds Police Pension Fund I Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 109 I Firefighters' Pension Fund I Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 110 ! ~ Funds Combining Statement of Changes in Assets and Liabilities 111 I _ACCOUNT GROUPS I GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source 112 I Schedule of General Fixed Assets - by Function and Activity 113 Schedule of Changes in General Fixed Assets - 114 by Function and Activity GENERAL LONG-TERM DEBT ACCOUNT GROUP I Schedule of General Long-Term Debt 115 I ! VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 FINANCIAL SECTION (CONT.) PAGE COMPONENT UNIT SCHEDULES Library Fund Combining Balance Sheet 116 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 117 Schedule of Operating Expenditures - Budget and Actual 118 Schedule of General Fixed Assets 119 SUPPLEMENTAL DATA Required Supplementary Information Analysis of Funding Progress Illinois Municipal Retirement Fund 120 Police Pension Fund 121 Firefighters' Pension Fund 122 Revenues by Source Illinois Retirement Fund 123 Municipal Revenues by Source and Expenses by Type Police Pension Fund 124 Pension Fund 125 Firefighters' Combined Schedule of Cash and Investments 126 - 127 Schedule of Insurance in Force 128 Long-Term Requirements Debt Corporate Purpose Bond Series of 1977 129 Bond Series of 1989 130 Corporate Purpose Corporate Purpose Bond Series of 1990 131 Corporate Purpose Bond Series of 1991 132 Corporate Purpose Bond Series of 1992 133 Corporate Purpose Bond Series of 1993 134 Corporate Purpose Bond Series of 1994 135 Corporate Purpose Bond Series of 1995 136 General Obligation Bond Anticipation Bond Series of 1995 137 VILLAGE OF GLEN'VIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 PAGE STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years 138 General Governmental Expenditures by Function - Last Ten Fiscal Years 139 Property Tax Assessed Valuations, Rates, Extensions, and Collections - Last Ten Fiscal Years 140 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 141 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 142 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded I)ebt Per Capita ~ Last Ten Fiscal Years 143 Schedule of Legal Debt Margin 144 Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years 145 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 146 Demographic Statistics - Last Ten Fiscal Years 147 Construction, Building Permits, and Bank Deposits - Last Ten Fiscal years 148 Miscellaneous Statistics 149 - 151 Ten Wealthiest l~linois Communities - 1990 Census 152 Major Corporate Fund Revenue Sources 153 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1995 PAGE STATISTICAL SECTION (CONT.) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 1995) 154 Retirement Schedule of Outstanding Village General Obligation Debt 154 Debt Ratios and Per Capita Debt - Last Ten Bond Sales 155 Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 1995 155 Equalized Assessed Valuation for Taxing Purposes 156 Tax Rates Per $100 Equalized Assessed Valuation 156 Tax Extensions and Collections (Village Purposes Only) 157 1990 and 1994 Tax Base Distribution by Property Classification 157 Ten Largest Taxpayers 157 General Fund Summary Statement of Revenues, Expenditures and Changes in Fund Balance (1991-1995) and 1996 Budget 158 Balance Sheets (1991-1995) 158 Combined Statement - All Funds Fund Balances 1991-1994 and Summary 1995 Revenues, Excess Revenues and Fund Balances 159 - 160 Fixed Assets at December 31, 1995 161 VILLAGE OF GLENVIEW, ILLINOIS Principal Officials December 31, 1995 LEGISLATIVE Village Board of Trustees Nancy L. Firfer, President Kent B. Fuller lohn W. Patton, Jr. Joyce E. Kustra William L. Sfickney Robert J. McLennan Emil Ulstmp Paul T. McCarthy Village Clerk/Treasurer EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMI*~NT Mary L. Reibel, Acting Finance Director Douglas R. Ellsworth, Finance Director (Effective 5/13/96) i VILLAGE OF GLENVIEW ORGANIZATIONAL CHART 1 Village President 6 Truste~ (~ Year Terms) ~ , I~'''0~- l~~~'~' d~j~ ~~ ~ I~~----: BOARD OF ~USTEES P~N COMMISSION APP~NCE COMMISSION SENIOR C~IZEN COMMISSION B~ING COMMISSION POLICE AND FI~ COMMISSION POLICE PENSION BOA~ FI~ PENSION BOA~ ZONING BOA~ OF APPE~ E~CT~CAL COMMISSION · FO~S~Y COMMISSION (847) 724-1700 extension 214 (847) 724-0916 fax June 17, 1996 Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview The comprehensive annual financial report of the Village of Glanview for the year ended December 31, 1995 is submitted herewith. This report represents a comprehensive picture of the Village's financial activities during 1995 and the financial condition of its various funds at December 31, 1995. Although formally addressed to the elected officials and citizens of Glenview, this financial report has numerous other users. Foremost among the other users are the bondholders of the Village, financial institutions, educational institutions and other governmental entities. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's orga~iT~tional chart and a list of principal officials. The financial section includes the general purpose financial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-12. 1225 Waukegan Road 4. Glenview, Illinois 60025 4, (847) 724-1700 ~ (847) 724-4232 TDD I I I The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form I of government. It is a home l'ale municipality as defined by the Illinois Constitution. Located approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of approximately 13 square miles and has an estimated population of 38,437. I The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, construction and I maintenance of streets, code enforcement, planning and zoning, library services, and general administrative services. I The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the primary government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension I Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Glenview Public Library is included as a I discrete presentation since it is governed by a separately elected board of trustees. No other legally separate entity qualifies as a component unit of the Village. I Economic Condition and Outlook I of economic health for local Perhaps four of the more There are several measures governments. objective measures or indicators are local employment levels, retail sales activity, family income i levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of Illinois as a whole. As of December 31, 1995 the Village's unemployment rate was 2.9%, I compared to 5.5% for Cook County and 5.2% for the State of Illinois. I The Village of Glenview benefitted from an improved economy in 1995. Total retail sales in the Village for 1995 came to $480 million, an increase of 6% over 1994. I Median family income figures from the 1990 Census show that the average income of Glenview residents far exceed county and state averages. According to the Census Bureau, Glenview's 1989 median family income was $67,412, compared to $38,664 for the State and $35,225 for I the United States. This ranked Glenview as the fifth wealthiest community in the State of lllinois amongst communities with populations over 25,000. I I I For the past few years, the Village has seen nominal new commercial or residential constxuction I activity, as it had little vacant land available for development. During 1995, there were four commercial developments constructed, with a total value of $1.9 million. There were 108 new I residential housing permits issued in 1995, down from the previous year's figure of 219. Construction activity is expected to increase dramatically over the next several years as the recently closed Glenview Naval Air Station develops. I Major Initiatives 1 The major capital improvements project for 1995 was the Glenview Road Improvement Project. The approximately $3.6 million project included new storm sewers, sanitary sewer repairs, water I system improvements, street reconstruction and resurfacing, new sidewalks, street lighting, and other streetscape amenities. The project was intended to improve the aesthetic appearance of I the Village's downtown area and provide for increased economic activity. To better handle the workload related to the reuse of the closed Glenview Naval Air Station 1 (GNAS), a new Redevelopment Department was formed in 1995. The Department's overall goal is to implement the reuse plan. The Village and its consultants intend on maximizing the value of the GNAS as an asset for the community. The Village has been designated as the sole I redevelopment authority and will serve as developer for the project. I 1996 will be an active year relative to the Glenview Naval Air Station redevelopment. The Economic Development Conveyance process with the Navy will be negotiated. The Village will also start on the various infrastructure improvements needed to make the property marketable, l with funding coming from the $60 million bond issue sold in 1995. Finally, marketing strategies and related efforts are expected for 1996. I Financial Information Management of the Village is responsible for establishing and maintaining an internal control I structure designed to ensure that the assets of the Village are protected from loss, theft or I misuse, and to ensure that adequate accounting data is compiled to allow for the timely preparation of financial statements in conformity with generally accepted accounting prinelples. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of the costs I and benefits requires estimates and judgements by management. 1 I I I I Bude~arv Control The objective of budgetary controls is to ensure compliance with legal provisions embodies in i the annual budget adopted by the Village's governing body. The budget covers activities of the general, special revenue, debt service, enterprise, internal service and certain fiduciary funds. Ail appropriations lapse at year end, but open purchase orders are usually re-budgeted for in the I subsequent year. The level of budgetary control, that is, the level at which expenditures cannot exceed the i budgeted amount, is established at the fund level. The Village maintains an encumbrance accounting system for the governmental and proprietary funds as one method of accomplishing budgetary controls. Encumbrances outstanding at year end, if any, are reported as a reservation I of fund balance since they do not constitute expenditures or liabilities. General Government Functions I The following table presents a summary of revenues available for general governmental functions (the general, special revenue, debt service funds and component unit - Library Fund) for the year ended December 31, 1995 with comparisons to the previous year. I Increase Percent I Percent {Decrease) Increase Revenues Amount of Total From 1994 (Decrease) i Property Taxes $ 8,881,936 31.2% $ (117,532) (1.3)% Other Taxes 11,315,604 39.8 925,473 8.9 Total Taxes 20,197,540 71.0 807,941 4.2 I Licenses and Pcmnits 958,658 3.4 (96,068) (9.1) Intergovernmental 3,249,178 11.4 (95,698) (2.9) Charges for Servie.~s 1,828,658 6.4 131,668 7.8 i Fines and Forfeits 273,652 1.0 (28,661) (9.5) Interest Earnings 884,819 3.1 690,760 355.9 Miw.~llaneous 1,038,819 3.7 (15,629) (1.5) I Total Revenues $28,431,324 100.0% $1,394,313 5.2 % I Total general governmental revenues for the year totalled $28,431,324, representing a 5.2% increase over 1994. I Property taxes levied for general governmental purposes are showing a 1.3% decrease. This was made possible on account of strong revenues from other sources. I Other tax revenues of $11,315,604 increased a robust 8.9% over 1994. Sales tax receipts were up $404,139, or 9%. Utility tax receipts were up $422,829, a full 16.8% over 1994. I Revenues from the sale of licenses and permits were down 9% due to less building permit activity and fewer vehicle license sales. I vi. I 1 Intergovernmental revenues of $3,249,178 are down $95,698, or 2.9%, from 1994. Revenues I from the Glenbrook Fire Protection District ended up being $537,777 less than the previous year. This can be attributed to their having to settle a property tax dispute claim, making less I money available to the Village. However, additional grant proceeds related to the closure of the Glenview Naval Air Station offset most of the decrease in this revenue category. Charges for services are showing a 7.8% increase due to increased refuse charges related to the 1 Village's participation in the Solid Waste Agency of Northern Cook County. Interest earnings are up substantially over 1994 levels due to the deposit of $10.75 million in I one of the debt service funds for capitalized interest on the Village's 1995 Bond Anticipation Bond Series. I Following is a table showing expenditures by service area with comparisons to the previous year: I Increase Percent Percent (l)ec~mse) Increase Expenditures Amount of Total from 1994 (Decrease) I General Govermnent $ 5,530,632 18.8% $ 636,473 13.0% Public Safety 10,502,637 35.6 629,932 6.4 I Highways and Str~ts 3,573,406 12.1 224,479 6.7 Pensions 2,206,054 7.5 122,093 5.8 Cultur~ and Recreation 2,630,473 8.9 179,885 7.3 Debt Servie~ 5,064,909 17.1 3,050,077 151.4 I Total Expenditures $29,508,111 100.0% $4,842,969 19.6% Total expenditures for general governmental functions totalled $29,508,111, an increase of I $4,842,969 (19.6%) over 1994. The majority of the increase can be attributed to debt service on the $60 million 1995 general obligation bond anticipation bonds. Debt service expenditures 1 increased $3,050,077, or 151.4%. General government expenditures increased 13% due to the additional expenditures related to I the closing of the Naval Air Station. Expenditures related to public safety, highways and streets and culture and recreation increased I an average of 6.8% due to normal inflation and increased employee benefit expenditures. n I Bin l The 1995 General Fund budget predicted that revenues and other financing sources would exceed expenditures and other financing uses by $21,518. The General Fund, however, ended the year with a deficit of $987,482. This was due to the fact the Village Board authorized a $750,000 1 transfer to the Capital Projects Fund after the budget was adopted. Also adding to the deficit was a $728,650 shortfall in payments from the Glenbrook Fire Protection District. Offsetting part of this revenue shortfall was the fact expenditures came in almost $375,000 (2.1%) under I budget for the year. The end result was that the General Fund fund balance decreased $987,482 1 vii I for the year, bringing the balance to $7,194,227 at year end. This is the equivalent of 40% of actual expenditures for the year. The Village does not expect the decrease in fund balance to continue. Enter~rlse Ouerations The Village has four enterprise operations accounted for in its financial statements, those being the Waterworks Fund, the Wholesale Water Fund, the Sewerage Fund and the Commuter Parking Lot Fund. The Waterworks Fund recorded net income of $882,980 for the year ended December 31, 1995. The financial condition of the fund remains strong, with net working capital amounting to $3,066,063 and cash and investments totalling $1,084,725. The Wholesale Water Fund is showing net income of $115,627 for the year, resulting in retained earnings of $623,416. The Sewerage Fund also had a positive year, with net income totalling $220,628. Net working capital amounted to $337,922 at December 31, 1995, representing 40% of annual expenses. The Commuter Parking Lot Fund reported a net loss of $26,918 for the year. The loss can be attributable to reduced parking revenues and additional wages paid to employees. Emnlovee Pensions Police sworn personnel are covered by the Police Pension Fund and sworn firefighters are covered by the Firefighters' Pension Fund. Both of these plans are defined benefit, single- employer plans administered by local boards of trustees. The benefits and employer and employee contributions are governed by state statutes. During 1995, the Village retained the services of Godwins, Booke & Dickenson to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 1994. Following summary the two is information for funds: Police Flrefighters' Pension Fund Pension Fund Pension Benefit Obligation $15,119,055 $19,861,135 Net Assets Available - 12/31/94 $14,823,582 26,921,541 Percent Funded - 12/31/94 98.0 % 135.5 % Net Income - Year Ended 12/31/95 $1,254,916 $2,892,106 Net Assets Available - 12/31/95 $16,078,498 $29,813,647 viii I In 1993 the State of Illinois increased the benefits provided to police and firefighter pension fund ! beneficiaries. The changes increased the pension benefit obligation of both funds, but especially that of the police pension funds where a provision was made to compound annual increases in · pension benefits. Municipalities have until the year 2033 to fully fund the pension plans. 1 All other employees of the Village who work at least 1,000 hours per year are covered by the · Illinois Municipal Retirement Fund, a state-wide pension plan. IMRF acts as the administrative 1 agent for local governments in Illinois. Benefit provisions and funding requirements are established by state statute. At December 31, 1995 the Village was 93.4% funded in IMRF. 1 D A '' in In 1995 Moody's Investors Service affu-med the Village's Aaa general obligation bond rating it · was assigned in 1993. · At December 31, 1995 the Village had $82,895,000 of general obligation bonds outstanding.· Of this amount, $77,711,200 is reflected in the general long-term debt account group and · $5,183,800 is recorded directly in two enterprise funds. The Village issued two general obligation bond issues in 1995. In January the Village issued 1 $60,000,000 of G.O. bonds to finance infrastructure improvements at the recently closed Glenview Naval Air Station. The bonds are expected to be repaid from proceeds from the sale · of land to developers. In October the Village issued $500,000 of G.O. bonds to finance sanita~ · sewer improvements. Debt service on the bonds will be paid through annual transfers from the Village's Sewer Fund. 1 At December 31, 1995 there was $10,101,716 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $67,609,484. The ratio of net bonded debt to assessed value and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This data as of December 31, 1995 is as follows: I Ratio of Net Debt to Assessed Value 6.60% Ratio of Net Debt to Actual Value 2.20% Net Debt Per Capita $1,758.97 Additional information about the Village's outstanding debt can be found in the notes to the financial statements and the statistical section of this report. pronertv Tax Information The county assessors' offices are responsible for determining the assessed value of real property · utilizing market values and established assessment ratios. The State of Illinois then assigns an 1 equalization factor to each county in an attempt to get all properties in the state assessed at approximately 33% of market value. Property taxes are based upon the equalized assessed value (EAV) of all taxable properties. A government's tax rate is determined by dividing its tax levy I into its total EAV, adjusting for any rate limitations which might be applicable. 1 At the time this report was prepared, information regarding the tax rates and assessed values for the 1995 tax levy year were not yet available. The Village's 1994 total equalized assessed valuation was $931,548,998, a decrease of 1.4% from the 1993 levy year. The drop can be attributed to a drop in the state equalizer for Cook County. Following is a summary of the Village's tax rates for the past three years: 1994 1993 1992 Fund General Fund $ .392 $ .400 $ .400 Special Revenue Funds .122 .093 .064 Debt Service Funds .137 .171 .113 Pension Trust Funds .058 .027 .000 Subtotal - Village .709 .691 .577 Library .327 .300 .282 Total Combined Tax Rate $1.036 $ .991 $ .859 Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. Cash Mana~,ement The Village's policy regarding cash management is based upon the realization that there is a time value to money. A high priority is placed on procedures to ensure that monies due the Village are collected and deposited as promptly as possible. Disbursements are closely controlled. Of equal importance is the emphasis on the management of the Village's investment portfolio. All idle cash is invested in accordance with an established investment policy. The investment of the foremost The policy provides for full policy establishes safety principle RS objective. collate~li~,ation of all deposits in excess of FDIC limits. The Village is not permitted to leverage its portfolio or invest in risky derivatives. Total interest income earned in all funds of the Primary Government during 1995 was $8,071,800, compared to $3,918,101 for 1994. The increased interest earnings can be attributed to an improved cash position and higher interest rates. Following is a summary of total interest earnings and weighted average yields for each of the various fund types: Interest Income Fund Type Year Ended 12/31/95 Average Yield l General Fund $ 174,561 4.65% Special Revenue Funds 36,811 3.86 1 Debt Service Funds 631,189 5.21 Capital Project Funds 3,797,184 6.16 Enterprise Funds 73,283 4.07 1 Internal Service Funds 66,140 2.81 Expendable Trust Funds 251,820 5.95 Pension Trust Funds 3,040,812 7.37 1 Totals $8,071,800 6.30% Risk Manaeement The Village maintains a protected risk retention program for property, casualty, and workers m compensation claims. Health insurance for employees and retirees is provided through a public entity risk pool. Aggregate umbrella liability coverage is provided through the Village's membership in the High-level Excess Liability Pool, another public entity risk pool. I The Village's insurance activity is accounted for in an internal service fund. For the year ended December 31, 1995 the Insurance Fund reported net income of $213,587. Retained earnings I for the fund mounted to $1,956,243 at December 31, 1995. Other Information I Independent Audit m State statutes require an annual audit by independent certified public accountants. The accounting firm of Crow, Chizek and Company LLP performed the audit this year. The · independent auditors' report is included in the £mancial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's financial position at December 31, 1995, and the results of operations for the year then ended. I The Village is required to undergo an annual single audit in conformity with the provisions of · the Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-128, Audits of State and Local Governments. Information related to this single audit, including the schedule of schedule of federal financial assistance, fmdings and recommendations, and auditors · reports on the internal control structure and compliance with applicable laws and regulations, are included in a separately issued Single Audit Report. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual financial report for the year ended December 31, 1994. This marks the thirteenth straight year the Village has received this prestigious award. In order to be awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards. The December 31, 1994 report satisfied both generally accepted accounting principles and applicable legal requirements. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. A Certificate of Achievement is valid for only one year. The Village believes its comprehensive annual financial report for the year ended December 31, 1995 continues to meet the Certificate of Achievement Program's requirements, and will be submitting it to GFOA to determine its eligibility for another certificate. Acknowledgements The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contributions made in the preparation of this report. Special thanks is expressed to Mary Reibel, Assistant Finance Director, who served as Acting Finance Director for six months (upon the untimely death of long-standing Finance Director Dennis Lauer) and coordinated the annual audit. In addition, appreciation is expressed to the Village President, The Village Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village in a responsible and progressive manner. Respectfully submitted, xii REPORT OF INDEPENDENT AUDITORS CROWE CHIZEK REPORT OF INDEPENDENT AUDITORS The Honorable Village President Members of the Board of Trustees Village of Glenview, Illinois We have audited the accompanying general purpose financial statements and the combining, Individual fund, and account group financial statements of the Village of Glenview, Illinois, as of and for the ended December listed in the table of year 31, 1995, as accompanying contents, and the general fund balance sheet as of December 31, 1994 and related statement of revenues, expenditures, and changes in fund balance for year ended December 31, 1994. These financial statements are responsibility Village Glenview, management. the of the of Illinois' Our responsibility is to express an opinion on these financial statements based on our audits. We conducted audits in accordance with standards. Those generally accepted auditing our standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes test basis, evidence the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement We believe that our audits provide a reasonable basis for our opinion. presentation. In our opinion, the general purpose financial statements referred to above present fairly, in all material the financial of the Village of Glenview, Illinois, as of December 31, position 1995, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting prInciples. Also, in our opinion, the combining, individual fund, and account financial statements referred to group above present fairly, in all material respects, the financial position of each of the Individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1995, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended, and the financial position of the General Fund as of December 31, 1994 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. 1 Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund, and account group financial statements. The accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audits of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The introductory and statistical information listed in the table of contents was not audited by us and, accordingly, we do not express an opinion thereon~ Crowe, Chizek and Company LLP Oak Brook, Illinois March 8, 1996 2 GENERAL PURPOSE FINANCIAL STATEMENTS VILLAGE OF GLENVIEW, ILLINOIS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet December 31, 1995 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS All Proprietary and Fiduciary (Pension Trust) Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances Year Ended December 31, 1995 (with comparative totals for 1994) Fidudafy Proprietary Fund Types Ftmd Type ,, Totals Internal pension (Memorandum Only) Ente?rise Service Trust -- 1995 19~4 Operating revenues 591,145 $ 558,159 Taxes $ $ $ 591,145 $ Charges for services 8,133,567 3,085,223 11,218,790 10,798,323 623,526 623,526 540,891 Conm'bu~ons 3,040,812 3,040,812 2,937,593 lnter~t 1.014.659 1 ,~91.313 637.404 Miscellaneous 180.951 195.673 16,865,586 15,472,370 Total opera~ng revenues 8,314,548 3,280,896 5,270,142 Operating expenses 668,292 718,017 Administr a~ion 668,292 Operations 4,806,712 3,128,408 7,935,120 7,603,721 Depreciation 513,774 513,774 551,934 1,1S9,506 1,189,506 1,012,720 Benefits m~d refunds 6,658 6,658 10,054 Miscellaneous 5,988 778 3,128,40~' 1,196 164 10,313 350 9,896,446 Total operating expenses Operating income 2,325,770 152,488 4,073,978_ 6,552,236 5,575,924 Nonoperaling revenues (expenses) 73,283 66,140 139,423 135,089 Interest income Interest expense and fiscal (339.066~ (,t~2.991~ chmtges ~,39.0661 .; ": (199,643) /287 902) (265,783) 66 140 ~ ' Income before operating 4,073,97B 6,352,593 5,288,022 transfers 2,059 987 218,628 _ 73,044 73,044 69,504 Operating transfers in (5 500) 2 ($73 170) (838 Operating transfers (out) (867,670) . (867,670) (5,500_) 73 044_ (800,126) __ (768,946) 1,192,317 213 128 4,147,022. 5,552,467. 4,519 076. Net income Retained earnings / fund balances 57,565,092 54,131,188 January 1 - as restated 13,988,590 1,831,379 41,745,123 997.314 (1,085,172) Prior period adjus~anent 397,314 Adjusted balmaces 14,385,904 1,831,379_ 41,745,123 57,962,406 53,046,016 December31 $ 15,578,221 $ 2,044,50,7. $ 45,892,1~5. $ 63,514,8~... $ 57,565,092. See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS All Proprietary Fund Types Combined Statement of Cash Flows Year Ended December 31, 1995 (with comparative totals for 1994) Proprietary Fund Types Totals Internal (Memorandum Only) ~ Service 1995 1994 Cash flows from operating acflvi6.es Operating income 5 2,325,770 $ 152,488 $ 2,478,258 $ 2,562,055 Adjus/anents to reconcile operating income to net cash provided by operating activities Depreciation and amortization 513,774 513,774 551,934 Changes in assets and liabilities Accounts receivable (5,914) (208,028) (213,942) (376,363) Deposits (182,149) (182,149) Prepaid expenses 1,358 413,356 414,714 (413,356) Advance to other funds (24,067) (24,667) (115,234) Due from other funds (250,210) (19,853) (270,063) (267,451) inventory 19,681 19,681 Accounts payable (13,332) 26,503 13,171 8,343 Claims payable (56,673) (56,673) Compensated absences payable 23,751 23,751 4,977 Other payable 594 594 (26,368) Due to other fiands 51,256 51,256 (272,857) Advance to other funds 233,728 233,728 2,876,389 125,644 3,002,033 817,230 Cash flows from noncapital financing activities Operating transfers (out) (867,670.) (5~500~ (873.1701 (838.450] Cash flows from capital and related financing activities Fixed assets purchased (583,539) (583,539) (231,939) Principal paid on genera] obligation bonds (988,800) (988,800) (810,000) Interest paid on general obligation bonds (342,830) (342,830) (409,872) (1,915,169) (1,915,169) (1,451,811) Cash flows from investing activities lnt~est on cash equivalents 73,283 66,140 139,423 135,089 Net incresse (decrease) in cash and cash equivalents 166,833 186,284 353,117 (499,492) and cash equivalents Cash January I 1,545,961 1,567,881 3,113,842 3,613,334 December 31 $ 1,712,794 $ 1,754,165 $ 3,466,959 $ 3,113,842 See accompanying notes to financial statements. 7 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (Government), have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Government's accounting policies are described below. Reporting Entity: The Government is a municipal corporation governed by an elected seven- member board. As required by generally accepted accounting principles, these financial statements present the Government (the primary government) and its component units. The Government's financial statements include pension trust funds: Police Pension Employees Retirement System The Government's police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Government's President, one elected pension beneficiary, and two elected police employees constitute the pension board. The Government and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the PPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Government's police employees, and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. Firefighters' Pension Employees Retirement System The Government's firefighters participate in the Firefightars' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board. The Government's President, Treasurer, Clerk, Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees constitute the pension board. The Government and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Government's firefighters, and because of the fiduciary nature of such activities. The FPERS is reported as a pension trust fund. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements 31, 1995 December NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reporting Entity: (Continued) Discretely Presented Component Unit: Village of Glenview Public Library (Library) The Glenview Public has elected seven-member board which Library a separately annually determines its budget and resulting tax levy. Upon approval of the Government, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Government which is liable for the debt. The while the Library, general population of the Government, does not provide services entirely to the Government. Because the Library possesses the characteristics of a legally separate government primary government, Library being reported as and does service the the is a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. Joint Ventures: Regional Emergency Dispatch Center (R.E.D.) R.E.D. is a joint venture used to account for the resources involved in dispatching fire and medical services to a seven-commurtity area. Management consists of a Board emergency of Directors comprised of one elected trustee from each member jurisdiction. Day to day operations are administered by the Fire Chiefs of each member jurisdiction. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. R.E.D. is reported as a governmental joint venture. Additional required disclosures may be found in the Commitments, Contingent Liabilities, and Joint Ventures notes to financial statements. Solid Waste Agency of Northern Cook County (SWANCC) The Government is a participant with twenty-two other municipalities in a joint venture. SWANCC is a municipal corporation empowered to plan, finance, construct and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. On dissolution of the Agency, the net assets of SWANCC will be shared proportionately by its members. SWANCC is reported as a proprietary joint venture. (Continued) 9 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Stmtements December 31, 1995 NOTE ! - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Accounting: The Government uses funds and account groups to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types". Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Government. When these assets are held · or an expendable trust under the terms of a formal trust agreement, either a pension trust fund fund is used. The term "expendable" refers to whether or not the Government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the Government holds on behalf of others as their agent· Basis of Accounting: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. (Continued) 10 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of Accounting: (Continued) All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, ail assets and ail liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund-type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Government recognizes property taxes when they become both measurable and available in accordance with GASB Codification one-year availability period is used for revenue recognition for all other Section P70. A governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt fund for service payments to be made early in the following year. Those revenues susceptible to accrual franchise licenses, interest aFe property taxes, taxes, revenue, and charges for services. Sales, income, and motor fuel taxes, and fines collected and held by the state at year end on behalf of the Government also are recognized as revenue. Permit revenues are not susceptible to accrual because not measurable until generally they are received in cash. The accrual basis of accounting is utilized by proprietary fund trust funds, and types, pension nonexpendable trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the Government has a legal claim to the the resources, liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. (Continued) 11 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets: Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue, and Debt Service Funds on the modified accrual basis, and Enterprise, Internal Service, and Pension Trust Funds on the accrual basis. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations lapse at fiscal year end. During the current year, budgets were not adopted for the following funds: GNAS Grant GNAS Caretaker Library Bond Series of 1984 The source of revenue and nature of expenditures for these funds adopted on a project basis. Budget and actual comparisons for the Special Revenue Funds exclude the aforementioned funds. The following is a reconciliation of the Special Revenue Funds presented on a budgetary basis to the GAAP basis presentation. Special Debt Revenue Service Fund Balances - Budgeted Funds, at December 31, 1995 GAAP Basis $ (39,758) $ 9~564,456 Nonbudgeted Fund Balances (102,240) GNAS Grant GNAS Caretaker 379,604 Library Bond Series of 1984 (1021240) 379~604 Fund Balances -at December 31, 1995 GAAP Basis ~ (141.998~ ~ 9,944.060 Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting-under which purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation-is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Cash and Investments: For purposes of the statement of cash flows, the Government's proprietary fund types consider all highly liquid investments with an origirual maturity of three months or less when purchased to be cash equivalents. Investments: investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market), except for investments in the deferred compensation agency fund which are reported at market value. Short-term Interfund Receivables/Payables: During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables". Inventories: Inventories are valued at cost, which approximates market, using the first- in/first-out method. The costs of inventories are recorded as (FIFO) governmental fund-type expenditures when consumed rather than when purchased. Prepaid made to vendors for services that will benefit periods Items/Expenses: Payments beyond the date of this report are recorded as prepaid items/expenses. Fixed Assets: General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account All purchased fixed assets are valued at cost where historical records are available and group. at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair value on the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the Government. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, wate~:/sewer systems, and vehicles in the proprietary fund types is computed using the straight-line method. (Continued) 13 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fixed Assets: (Continued) Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. Compensated Absences: Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. Long-Term Obligations: Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long- term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. Fund Equity: Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. Bond Discounts/Issuance Costs: In governmental fund types, bond discounts and issuance costs are recognized In the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds-outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. Interfund Transactions: Quasi-external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another frmd are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses In the fund that is reimbursed. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interfund Transactions (Continued) All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Noratecurring or nom:outine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. Memorandum Only - Total Columns: Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Comparative Data: Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Government's financial position, operations, and cash flows. GASB Pronouncements: The Government has elected, under the provisions of GASB Statement 20, entitled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting", to apply all applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY Budgets: All departments of the Government submit requests for appropriation to the Government's manager so that a budget may be prepared. The budget is prepared by fund, and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change appropriations, but may not change the form of the budget. The manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, several supplementary appropriations were necessary. (Continued) 15 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 3 - DEPOSITS AND iNVESTMENTS (Continued) · categorized to give an indication of the level InvestmentS: The Government's investments are investments that are insured or of risk assumed by the entity at year-end. Category 1 includes and unregistered investments for which registered or for which the securities are held by the Government or its agent in the Government's name. Category 2 includes uninsured agent in the Government's the securities are held by the counterparty's trust department or unregistered investments for which the securitie, ss name. Category 3 includes uninsured and agent but not in the Government are held by the counterparty, or by .its trust department or name, and uninsured, unregistered investments. ..................... ~ ...................... Market 1 2 3_ - - $ 71,230,716 13,837,780 14,409,102 U.S. Treasury Securities $ 65,346,868 $ $ $ 65,346,868 13,837,780 Israel Bonds - ~ U.S. AgenCy Security 12 124 375 ._______z -------- 97,429,524 (FNMA's) ~ .~-~----- %_____. 91,309,023 * Deferred Compensation 11,656,790 11,656,790 Plan AssetS * Insurance Contracts and _____._~Q!~.~-501 4~ Separate Accounts ~ "~otal InvestmentS * (Not subject to risk categorization) Investments in Category 1. The pension trust funds own 48 percent of the ...... held bv the Component Unit. At year end, there were no mvesrm~,,,: NOTE 4 - RECEIVABLES-TAXES attach as an enforceable lien on January 1, 1995, on property values (by passage of a date. Taxes are levied by December of the tiscal year Property taxes for 1995 and issued on or about February 1, assessed as of the same --ed b,, the County .... March 1, 1996 and ~ -. --,-e~ Tax bills are prepm ? :-,~U~nentS, on or avou, Tax Levy uromm~, ~,~,~ and are payable in two u~-- · ' ~-- ' '996. The County c. ollectS, s~u~c -t 2% of the tax tevy, ,o tenet, Septemoet,~, ~ -~lectible taxeS has veen stat~u ~ ollowance lor experience- (Continued) 18 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 5 - FIXED ASSETS General Fixed Assets Account Group: The following is a summary of changes in the general fixed assets account group during the fiscal year: Balances Balances Primary Government |anuary 1 Additions Retirements December 31 Land $ 3,405,095 $ $ $ 3,405,095 Buildings and Lrnprovements 7,861,054 1,467,953 9,329,007 Equipment 7,019,354 925,247 320,013 7,624,588 Furniture 296,096 296,096 Office equipment 328,841 328~841 5 18.910.440 Balances Balances January 1 Additions Retirements December 31 Discretely presented component unit - Library: Land $ 500,000 $ $ $ 500,000 Buildings and improvements 4,103,826 12,262 4,116,088 Equipment 437,329 169,695 607,024 Furniture 277,388 277,388 £ 5.318.543 $ 181.957 ~ - ~ 5.500.500 Proprietary Fixed Assets: The following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise Funds Land and improvements $ 67,851 Leasehold improvements 203,309 Water/sewer systems 21,185,317 Buildings 243,645 Equipment and vehicles 5,788,680 Office furniture and equipment 5,457 27,494,259 Less accumulated depreciation and amortization (7,987,387) (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 5 - FIXED ASSETS (Continued) Proprietary Fixed Assets: (Continued) In proprietary funds, the following estimated useful lives are used to compute depreciation: Leasehold improvements 10-20 years Water/sewer systems 50 years Buildings 40-50 years Equipment and vehicles 3-10 years Office furniture and equipment 3-10 years NOTE 6 - RISK MANAGEMENT The Government is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural. . disasters. The Government,, is. self-insured, for ail risks, and has established a risk fmancmg fund, Insurance Fund ( Fund ), for all r~sks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each workers compensation claim, and $50,000 for each property damage claim. The Government purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. All funds of the government participate and made payments to the Fund based upon actuarial estimates of the amounts needed to pay prior and current-year claLms. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts, and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: Fiscal Year Ended December 31 1995 1994 Unpaid claims - beginning $ 193,783 $ 193,783 Incurred claims (including IBNR) 414,481 430,860 Claim payments 471,154 430,860 Unpaid claims - ending $ 137.110 $ 193.783 (Continued) 20 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 6 - RISK MANAGEMENT (Continued) Intergovernmental Personnel Benefit Cooperative (IPBC) The Government participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental, and life insurance coverage) offered by its members to their officers and employees, and to the officers and employees of certain other governmental, quasi-governmental, and nonprofit public service entities. Risk of loss is retained by he Government, except that IPBC purchases excess coverage policies. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are three officers, a Benefit Administrator and a Treasurer. The Government does not exercise any control over activities of IPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Government participates in the High-Level Excess Liability Pool (HELP). HELP is a public risk established certain in IllLnois to provide excess liability entity pool by municipalities coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The Government's payments to HELP are displayed on the financial statements as expenditures/expenses appropriate funds. The High-Level Excess Liability Pool (the "Agency") was organized on April 1, 1987. The of the is to act as a joint self-insurance pool for the of seeking the purpose Agency purpose prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the Members and other parties included within the scope of coverage Agency. of the The Agency is governed by a Board of Directors wl'6ch consists of one appointed from each member municipality. Each Director has an equal vote. The officers representative of the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions for the issuance of debt by the Agency, adopts by-laws, rules and regulations, and providing exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 6 - RISK MANAGEMENT (Continued) High-Level Excess Liability Pool (HELP) (Continued) The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of general obligation bonds in 1987 to provide initial funding for the Agency. The bond proceeds were put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement among the Agency, the Village of Elk Grove Village, and the Members provides that the Agency and its Members are obligated to the Village of Elk Grove Village for payment of principal and interest on the bonds until such bonds have been retired. Additionally, each Member is liable for its proportionate share of any default by other Members. The obligations of the Agency and its Members are unconditional. NOTE 7 - LEASE OBLIGATIONS No material capital or operating leases were in effect as of the date of this report. NOTE 8 - LONG-TERM DEBT Changes in Long-Term Liabilities: During the fiscal year the following changes occurred in liabilities reported in the General Long-Term Debt Account Group: Balances January 1- Balances as restated Additions Reductions December 31 General Obligation Bonds ~ ~ (~0.500.000 ~ ~; 77,711.200 General Obligation Bonds: The Government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 8 - LONG-TERM DEBT General Obligation Bonds: (Continued) General obligation bonds are direct obligations and pledge the full faith and credit of the Government. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired I Additions Reductions December 31 By ~anuary $4,525,(D0 Corporate Purpose Bonds dated July 1, 1977, due in annual installments of $225,000 to $375,000 plus Water interest at 4.6% to 6.0% Works $ 1,050,000 $ $ 325,000 $ 725,000 through January 1, 1998. $8,000,000 Corporate Purpose Bonds Series of 1989 dated July 1, 1989, due in annual installments of $125,0OO to $625,000 plus interest at 6.10% Debt to 6.60% through December 1, Service 1,100,000 525,000 575,000 1996. $4,500,000 Corporate Purpose Bonds Series of 1990 dated May 1, 1990, due in annual installments of $50,000 to $600,000 plus interest at 6.10% Debt to 6.90% through December 1, Service 1,150,000 350,000 800,000 1997. $4,165,000 Corporate Purpose Bonds Series of 1991 dated December 1, 1991, due in Water annual installments of $50,000 Works $ 2,322,600 $ $ 568,800 $ 1,753,800 to $(~3,000 plus interest at 4.40% to 6.90% through Debt December 1, 1999. Service 617,400 151,200 466,200 $2,895,000 Corporate Purpose Bonds Series of 1992 dated April 1, 1992, due in annual installments of $10,000 to $255,000 plus interest at 4.00% Whole- to 5.90% through December 1, sale 2012. Water 2,800,000 95,0(30 2,705,000 (Continued) 23 VILLAGE OF GLENVIEW, ILLINOIS I Notes to Financial Statements December 31, 1995 I NOTE 8 - LONG-TERM DEBT (Continued) I General Obligation Bonds: (Continued) I Fund Debt Balances Balances Issue Retired By ]anuary 1 Additions Reductions December 31 I $7,635,000 Corporate Purpose Bonds Series of 1993 dated May 1, 1993, due in annual 1 installments of $205,000 to $1,345,000 plus interest at Debt 4.60% to 4.70% through Service 7,635,000 205,000 7,430,000 December 1, 2005. l $8,040,000 Coirporate Purpose Bond Series of 1994 dated September 15, 1994 due in l annual installments of $90,000 to $1,275,000 plus interest at Debt 4.00% to 5.10% through Service 8,025,000 85,000 7,940,000 December 1, 2004. 1 $500,000 Corporate Purpose bond Series of 1995 dated October 17, 1995, due in · annual installments of $100,000 plus interest at 3.55% to 4.20% through Decem- Debt ber 31, 2000. Service 500,000 500,000 I $60,000,000 General Obligation Bond Anticipation Bonds of 1995 dated January 25, 1995, · due in annual installments of $7,500,000 to $20,000,000 plus interest at 7.0o/0 through Debt December 1, 1999. Service 60eOOOeO00 ~.000.000 I $ 24.700.000 5, 60500.000 ~ ~, ~2.895.~00 (Continued) I 24 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 LONG-TF. RM DEBT (Continued) Requirements to Maturity service requirements to maturity are as follows: General Obligation Fiscal Year General Bonds Carried Ending Obligation as Enterprise December 31 Bonds Fund Liabilities Totals 1996 $ 13,218,714 $ 1,303,247 $ 14,521,961 1997 20,301,130 1,247,675 21,548,805 1998 22,186,495 653,410 22,839,905 1999 23,697,040 583,509 24,280,549 2000 2,493,114 267,524 2,760,638 2001 2,269,016 265,444 2,554,460 2002 2,275,221 262,944 2,538,165 2003 1,945,881 270,014 2,215,895 2004 1,949,041 266,024 2,215,065 1,408,216 266,574 1,674,790 2005 2006 266,334 266,334 2007 265,284 265,284 268,490 268,490 20O8 2009 270,720 270,720 2010 266,860 266,860 267,340 267,340 2011 2012 271r830 271t830 and interest $ 7.263.223 $ 99.007.091 principal portion ~ ~ $ 16.112.091 (Continued) 25 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 8 - LONG-TERM DEBT (Continued) Legal Debt Margin The Government is a home rule municipality. Article VII, Section G(k) of the 1970 Illinois Constitution governs computation of the legal debt "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shah not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. Advance Refunding - General Obligation Bonds, Series 1991 On November 19, 1991, the Government passed an ordinance providing for the issuance of $4,165,000 General Obligation Bond Series of 1991 and the levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On December 1, 1991, the Government passed an ordinance directing the execution of an escrow agreement in order to partially refund $875,000 of Library Bond Series of 1984 issued by the Government and outstanding in the aggregate principal amount of $1,650,000. Proceeds in the amount of $946,182 from the refunding bonds were used to execute the escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account Group. Current principal and interest requirements are accounted for in the Debt Service Fund. Proceeds in the amount of $3,171,875 were used to call the entire amount of outstanding 1979 Corporate Purpose Bonds ($3,425,000) on January 2, 1992. Although there has been no legal defeasance (satisfaction of debt) in this transaction, all conditions which normally satisfy defeasance of the $875,000 of the Library Bond Series of 1984 have been met. These provisions include: Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee for the primary purpose of satisfying old debt at a specified future date. An escrow agreement has been entered into with American National Bank and Trust Company of Chicago. (Continued) 26 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 8 - LONG-TERM DEBT (Continued) Advance Refunding - General Obligation Bonds, Series 1991 (Continued) The proceeds of the new debt are invested in direct U.S. Treasury obligations with maturities that approximate the Debt Service Requirements of the original issue. The proceeds in escrow are not subiect to lien for any purpose other than in connection with the advance refunding transaction. Since the requirements which normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an amount computed to be adequate to meet the future Debt Service Requirements of the Issue. Schedule of Future Requirements - Library Bond Series of 1984 to be paid from escrow: Fiscal Year Ending Interest December 31 Rates Principal 1996 9.90 $ 275,000 1997 10.00 275,000 Advance Refunding - General Obligation Refunding Bonds, Series 1994 On August 30, 1994, the Government passed an ordinance providing for the issuance of $8,040,000 General Obligation Refunding Bond Series of 1994 and the levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On August 30, 1994, the Government passed an ordinance directing the execution of an escrow agreement in order to partially refund $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 issued by the Government and outstanding in the aggregate principal amount of $6,625,000 and $4,000,000, respectively. This advance refunding was undertaken to reduce total debt service payments over the next eleven years by $322,463 and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $259,324. Proceeds in the amount of $7,988,866 from the refunding bonds were used to execute the escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account Group. Current principal and interest requirements are accounted for in the Debt Service Fund. (Continued) 27 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 8 - LONG-TERM DEBT (Continued) Advance Refunding - General Obligation Refunding Bonds, Series 1994 (Continued) Although there has been no legal defeasance (satisfaction of debt) in this transaction, all conditions wkich normally satisfy defeasance of the partial refund of the $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 have been met. Those provisions include: Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee for the primary purpose of satisfying old debt at a specified future date. An escrow agreement has been entered into with American Natioral Bank and Trust Company of Chicago. The proceeds of the new debt are invested in direct U.S. Treasury obligations with maturities that approximate the Debt Service Requirements of the original issue. The proceeds in escrow are not subject to lien for any purpose other than in connection with the advance refunding transaction. Since the requirements which normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an mount computed to be adequate to meet the future Debt Service Requirements of the Issue. Schedule of Future Requirements Corporate Purpose Corporate Purpose Fiscal --Bond Series of 1989-- -- Bond Series of 1990 Year Ending Interest Interest December 31 Rate Principal Rate Principal 1997 6.30 $ 600,000 6.80 $ 425,000 1998 6.40 650,000 6.85 425,000 1999 6.40 700,000 6.90 450,000 2000 6.50 750,000 6.90 475,000 2001 6.50 550,000 6.90 575,000 2002 6.60 550,000 6.90 600,000 2003 6.60 600,000 2004 6.60 625,000 (Continued) 28 VILLAGE OF GLEN-VIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 8 - LONG-TERM DEBT (Continued Noncommitment Debt Special Service Area Bonds: Special service area bonds outstanding as of the date of this report totaled $1,263,992. These bonds are not an obligation of the Government and are secured by the levy of special assessments on the real property within the special assessment area. The Government is in no way liable for repayment but is only acting as agent for the property owners in levying and collecting the assessments and forwarding the collections to bondholders. NOTE 9 - CONTRACTUAL COMMITMENTS High-Level Excess Liability Pool (HELP) The Government has committed to purchase excess hability insurance from the High-Level Excess Liability Pool (Agency), a public entity risk pool for certain Illinois municipalities. The Government expects to pay the following minimum amounts (these amounts represent the Government's share of the principal and interest - "fixed costs" - of the Agency): Fiscal Year Ending December 31 Amount 1996 $ 46,842 1997 45,903 1998 46,426 These amounts have been calculated using the Govemment's current allocation percentage of 6.44%. In future years this allocation percentage will be subject to change, because the Agency's Agreement provides that each year Members will be assessed based upon a formula which specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues (Continued) 29 VILLAGE OF GLENVIEW, ILLINOIS I Notes to Financial Statements I December 31, 1995 NOTE 9 - CONTRACTUAL COMMITMENTS (Continued) I Solid Waste Agency of Northern Cook County (SWANCC): The Government has cormnitted I to pay its share of the annual operating costs and fixed costs of the SWANCC (Agency). The Government's share of dual costs is expected to be funded through tipping fees paid by refuse haulers. The Government expects to be delivering refuse to the Agency beginning May of 1 1995. The Agency has entered into Solid Waste Disposal Contracts with member municipalities. The I Contracts are irrevocable and may not be terminated or amended except as provided in the Contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. I The obligation of the Government to make all payments as required by this Contact is unconditional and irrevocable, without regard to performance or nonperformance by the Agency of its obligations under this Contract. I NOTE 10 - INTERFUND ASSETS/LIABILITIES Due From]To Other Funds Receivable Fund Payable Fund Amount I General Illinois Municipal Retirement $ 953,800 Cable Television 13,112 I Refuse and Recycling 125,000 GNAS Grant 27,665 GNAS Caretaker 97,214 General Obligation Bond Anticipation I Bond Series of 1995 40,522 Capital Equipment Replacement 160,778 GNAS Project 596 I Wholesale Water 150,000 Escrow Deposit 1~301,020 2~869~707 I Special Revenue 9,427 Illinois Municipal Retirement GNAS Caretaker General Obligation Bond Anticipation I Bond Series of 1995 12,631 GNAS Grant GNAS Project 146,599 362~438. GNAS Caretaker GNAS Grant 531r095 I (Continued) I 30 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 3t, 1995 NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) Receivable Fund Payable Fund Amount Debt Service Funds Library Bond Series of 1984 General Obligation Bond Anticipation Bond Series of 1995 $ 379,604 Corporate Purpose Bond Series of 1989 General 325,413 General Obligation Bond Anticipation Bond Series of 1995 124,065 Corporate Purpose Bond Series of 1990 Illinois Municipal Retirement 70,828 General Obligation Bond Anticipation Bond Series of 1995 204,849 Waterworks 373,697 Corporate Purpose Bond Series of 1991 General Obligation Bond Anticipation Bond Series of 1995 199,991 Corporate Purpose Bond Series of 1993 Bond Fund Series 1993 25,462 General ObLigation Bond Anticipation Bond Series of 1995 41,350 Corporate Purpose Bond Series of 1995 Sewerage 25,000 General Obligation Bond Anticipation Bond Series of 1995 35,000 1~805t259 Capital Projects Funds Capital Equipment Replacement GNAS Caretaker 9,000 Capital Projects General 750,000 GNAS Project GNAS Grant 111,783 GNAS Caretaker 441,822 General Obligation Bond Anticipation Bond Series of 1995 lt675r625 2r988t230 (Continued) 31 VILLAGE OF GLENVIEW, ILLINOIS i Notes to Financial Statements December 31, 1995 I NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) 1 Receivable Frmd Payable Fund Amount Enterprise Funds I Waterworks General $ 61,669 GNAS Caretaker 861 Corporate Purpose Bond Series of 1991 246,114 Capital Equipment Replacement 13,675 Wholesale Water 30,000 I Wholesale Water Corporate Purpose Bond Series of 1990 137,070 Corporate Purpose Bond Series of 1994 187,795 General Obligation Bond Anticipation Bond Series of 1995 110,462 I Capital Projects 429,217 L216,863 Internal Service Funds Municipal Equipment Repaix GNAS Caretaker 11,774 Insurance GNAS Caretaker 8,079 19,853 I Trust and Agency Funds Police Pension General Obligation Bond Anticipation I Bond Series of 1995 3988 Firefighter's Pension General Obligation Bond Anticipation Bond Series of 1995 1,857 I Special Service Areas Corporate Purpose Bond Series of 1989 1,482 $ 9.438.334 Advances From/To Other Funds I Receivable Fund Payable Fund Amount Capital Projects I Capital Projects Sewerage $ 233r728 Enterprise I Waterworks Capital Projects 319,615 Capital Equipment Replacement 418,847 143r821 I Sewerage Capital Equipment Replacement 882~283 $ 1Al6,011 I (Continued) I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 11 - SEGMENT INFORMATION - ENTERPRISE FUNDS The Government maintains the following enterprise funds which are intended to be self~ supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: Commuter Wholesale Parking Waterworks Water Sewerage Lo~t Totals Operating revenues $ 6,08~,267 1,283,667 $ 840,415 $ 103,199 $ 8,314,548 Depreciation and amortization expense 352,613 62,816 93,093 5,252 513,774 Operating income (loss) 1,697,444 288,876 369,789 (30,339) 2,325,770 Operating transfers in Operating transfers out (704,142) (1,644) (161,884) (867,670) Net income (loss) 882,980 115,627 220,628 (26,918) 1,192,317 Current capital contributions Current capital transfers Plant, property, and equipment Additions 196,469 387,070 583,539 Deletions Total assets 17,178,787 3,567,161 4,203,925 224,695 25,174,568 Net working capital 3,066,063 967,955 337,922 137,876 4,509,816 Bonds and other long-term liabilities Payable from operating revenues 2,478,800 2,705,000 5,183,800 Payable from other sources Total equity 14,062,275 623,416 3,945,197 224,576 18,855,464 (Continued) 33 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 12 - CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: Waterworks Sewerage Totals Increases $ $ $ Decreases Net Increases Contributed Capital January 1 2r386t154 891f089 3~277~243 December 31 ~ ~; ~91.089 NOTE 13 - FUND EQUITY Restatements - Duxing the year, the following restatements were made: The General Fund for 1994 has been restated to correct an error in accounting for a deposit. The effect of the restatement was to decrease fund balance by $97,749. The Refuse and Recycling Fund for 1994 has been restated to correct an error in accounting for a prepaid expense. The effect of the restatement was to decrease fund balance by $102,582. The Insurance Fund for 1994 has been restated to correct an error in recording an income from an investment in a public entity risk pool. The effect of the restatement was to decrease retained earnings by $101,379. Prior Period Adjustments - During the year, the following prior period adjustments were made: Fund balance for the Corporate Purpose Bond Series of 1991 and retained earnings for the Waterworks Fund have been adjusted by $(246,114) and $397,314, respectively, to correct an error in accounting for the allocation of prior years' principal and interest payments on the 1991 bonds. The effect of the adjustment was to decrease fund balance and increase interfund liability by $246,114 in the Corporate Purpose Bond Series of 1991 and, in the Waterworks Fund, to decrease bonds payable by $151,200, increase interfund receivable by $246,114, and increase retained earnings by $397,314. Retained Earnings for the Insurance Fund has been adjusted by $(575,838) to correct an error in accounting for claims payable for 1993 of $193,783, and to correct an error in accounting for an investment in public entity risk pool-HELP of $382,055. The effect of the adjustments was to decrease retained earnings by $575,838. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 13 - FUND EQUITY (Continued) Prior Period Adjustments (Continued) Fund Balance for the Fire Pension Fund has been adjusted by $(509,334) to correct for an error in accounting for the gain in the sale of investments for 1993. The effect of the adjustment was to decrease both investments and fund balance by $509,334. NOTE 14 - CONTINGENT LIABILITIES Litigation: The Government is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Government's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the Government. Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Government expects such amounts, if any, to be immaterial. High-Level Excess Liability Pool (HELP): The Government's agreement with the High-Level Excess Liability Pool provides that each member proportionate any liable for its share of costs arising from defaults in payment obligations by other members. Waste of Northern Cook (SWANCC): The Government's contract with Solid Agency County the Solid Waste Agency of Northern Cook County provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. NOTE 15 VENTURES JOINT Regional Emergency Dispatch Center Description of Joint Venture The Regional Emergency Dispatch Center is a governmental joint venture used to account for the resources involved in dispatching fire and medical emergency services to a seven community area. This fund is supported by contributions fTom the seven member departments. As of December 31, 1995, the Regional Emergency Dispatch Center served the fire departments of: (Continued) 35 VILLAGE OF GLENVIEW, ILLINOIS I Notes to Financial Statements December 31, 1995 I ! NOTE 15 - JOINT VENTURES (Continued) Regional Emergency Dispatch Center (Continued) I Description of Joint Venture (Continued) Village of Glenview Village of Morton Grove Village of Niles Village of Northbrook North Maine Fixe Protection District Prospect Heights Fire Protection District Village of Wheeling Management consists of a Board of Di~ctors comprised of one appointed representative from I each member. In addition, day to day operations are administered by the Fire Chiefs of each member district. The Government does not exerdse any control over the activities of the Center beyond its I representation on the Board of Directors. Summary Financial Information of Joint Venture I The latest available financial statements of the Center, dated December 31, 1995, show the following: Government's I Total Total Assets ~ $ 105.645 I Total Liabilities 117,223 37,629 Total Equity 211,888 68~016 I Total Liabilities and Equity ~. 105.645 Total Revenues ~ '~ I Total Expenditures 750380 Initial contributions are determined in advance of each membership year based on the I population within each member's district. Complete firuancial statements can be obtained from the Regional Emergency Dispatch System, I 1815 Glenview Road, Glenview, Illinois, 60025. Total payments made to the R.E.D. System totaled $769,208 for the year. I (Continued) I 36 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 15 - IOINT VENTURES Solid Waste Agency of Northern Cook County (SWANCC): Description of Joint Venture The Government is a member of the Solid Waste Agency of Northern Cook County (the "Agency") which consists of twenty-three municipalities. The Agency is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended, (the "Act"). The Agency is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. The members of the Agency and their percentage shares based on formulae contained in the Agency agreement as of April 30, 1995 are: % % Share Share Arlington Heights 10.13% Mount Prospect 8.86% Barrington 1.40 Niles 2.61 Buffalo Grove 5.90 Palatine 12.33 Elk Grove Village 4.57 Park Ridge 4.10 Evanston 7.28 Prospect Heights 1.11 Glencoe 1.20 Rolling Meadows 2.74 Glenview 5.85 Skokie 5.54 Estates 6.17 South Barrington .64 Hoffman Inverness 1.52 Wheeling 4.63 Kenilworth .92 Wilmette 4.05 Lincolnwood 1.87 Winnetka 3.80 Morton Grove 2.78 100.00% These percentage shares are based on waste estimates for the year 2003 and cannot be changed for the term of the Agency Agreement. The members form a contiguous geographic service area which is located northwest of downtovrn Chicago. Under the Agency Agreement, additional members may join the Agency upon approval each member. the of (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Description of Joint Venture (Continued) The Agency is governed by a Board of Directors which consists of one appointed Mayor or President from each member murdcipality. Each Director has an equal vote. The officers of the Agency are appointed by the Board of Directors. The Board of Directors determines the general po]icy of the Agency, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of Bonds or Notes by the Agency, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. Summary of Financial Information of Joint Venture Summary of Financial Position as of April 30, 1995: Assets Liabilities and Fund Equity Current assets Current liabilities Cash and investments $ 27,878 Accounts payable $ 457,512 Receivables and other 691 343 Accrued interest payable 1,869,792 719,221 Retainage payable 383,327 Deferred revenue 913,782 Deferred interest income 157,588 3,782.001 Restricted assets Long-term liabilities Cash and investments 13,850,297 Bonds payable (net of Accrued interest receivable 137.882 discount) 58.526.288 13.988.179 Fixed assets 46,982,313 Accumulated depredation (741 322) Total liabilities ~ Other assets Unamortized bond Fund equity issuance cost 1,149,681 Contributed capital 4,723,340 Retained earnings (4,933,557) Total fund equity (210217) Total liabilities Total assets $ 62.098.072 and fund equity ~z_..6Z,i~I~.,I)~Z (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 15 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Summary of Financial Information of Joint Venture (Continued) The agency's outstanding bonds are revenue obligations. They are limited obligations of SWANCC with a claim for payment solely from and secured by a pledge of the revenues of the system and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. The agency has no power to levy taxes. Revenues of the system consist of (1) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment of monies; and (3) all income, fees, service charges and all grants, rents and receipts derived by agency ownership and operation of the system. The agency covenants to establish the from the fees and charges sufficient to provide revenues to meet all its requirements. Complete financial statements can be obtained from the Solid Waste of Northern Cook Agency County, 1616 E. Golf Road, Des Plaines, Illinois 60016. The Government made $576,586 in payments to the Agency for the year ended December 31, 1995. NOTE 16 - DEFERRED COMPENSATION PLAN The Government offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Government employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Government subject only to the claims of the Government's general creditors. Participants' rights under the plan are equal to those of general creditors of the Government in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the Government's legal counsel that the Government has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The Government believes that it is unlikely that it will use the assets to satisfy the clalrrls of general creditors in the future. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 17 - POSTEMPLOYMENT BENEFITS In addition to providing pension benefits described, the Government provides postemployment health care benefits for retired public safety employees. Substantially all of the Government's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the Government. The cost of retiree health care and life insurance benefits is recognized as an expenditure as claims are paid. For the fiscal year those costs total $132,838. The retirees pay an annual premium which is equal to the actuariaily determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS Plan Descriptions and Provisions: Illinois Municipal Retirement The Government contributes to the Illinois Municipal Retirement Fund ("IMRF"), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Government's total payroll for the year ended December 31, 1995, was $13,577,676. Of this amount, $6,977,866 in payroll earnings were reported to and covered by the IMRF system. All employees h~ed in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3 percent of their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The Government is required to contribute the remaining amounts necessary to fund the coverage of its own employees in the System, using the actuarial basis specified by compiled statute (entry age normal); for 1995 the rate was 9.92 percent. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and may be amended only by the Illinois legislature. The Government accounts for the plan as a pension trust fund. The Government's payroll for employees covered by the Police Pension Plan for the year ended December 31, 1995 was $3,209,144 out of a total payroll of $13,577,676. At December 31, 1995, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 26 Current employees Vested 42 Nonvested 20 Total 88 The following is a summary of the Police Pension Plan as provided for in Illinois Compiled Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. age or more 20 or more years of creditable service are Employees attaining the of 50 entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2% of such for each additional salaFy year service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service retire at or after 60 and receive reduced may age a benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, the first following anniversary date of and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% simple interest annually thereafter. (Continued) 41 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension (Continued) Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the Government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 - Article 5/4) and may be amended only by the Illinois · The Government's legislature. The Government accounts for the plan as a pension trust fund. payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31, 1995 was $4,057,006 out of a total payroll of $13,577,676. At December 31, 1995 the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not 27 yet receiving them Current employees 52 Vested 32 Nonvested Total 111 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Firefighters' Pension (Continued) The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by one-twelfth of 2% of such monthly salary for each additional month over 20 years of service through 30 years of service and one-twelfth of 1% of such monthly service for each additional month over 30 years of service, to a maximum of 75% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3% annually thereafter. Covered employees are required to contribute 8 1/4% of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the Government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded. Summary of Significant Accounting Policies and Plan Asset Matters: Basis of Accounting - The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments - Fixed-income securities are reported at amortized cost with discounts or premiums amortized using the effective interest rate method, subject to adjustment for market declines judged to be other than temporary (lower of cost or market). Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed- income securities are recognized on the transaction date. Equity securities are reported at cost subject to adjustment for market declines judged to be other than temporary (lower of cost or market). Significant Investments - There are no investments (other than U.S. government and U.S. government-guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 -EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Status and Progress: The amount shown below as the "pension benefit obligation" for the IMRF Plan is a standardized disclosure measure of the present value of pension benefits, adjusted for the · ' to be payable in the future effects of projected salary increases and step-rate benefits, estn'nated as a result of employee service to date. The measure is intended to help users assess the funding status of the system on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. The amount shown below as the "pension benefit obligation" for the Police Pension Plan and the Firefighters' Pension Plan is a substitute disclosure measure (entry age normal), the actuarial accrued liability of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. This substitute disclosure measure is intended to help users assess the funding status of the system on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among othe. r employers using the substitute disclosure method· The substitute disclosure measure ~s independent of the funding method used to determine contributions to the System. Illinois Municipal Police Firefighters' ~Retirement .Pension _Pension Actuarial valuation date December 31, 1995 January 1,1995 January 1, 1995 Significant actuarial assumptions a) Rate of return on investment 7.50% compounded 8.00% compounded 8.00% compounded of present and future assets annually annually annually b) Projected salary increases - 4.25% compounded ] 5.5% compounded 5.5% compounded attributable to inflation annually ] annually annually I c) Additional projected 6% to 6 8% ] (Note - separate information salary increases - attributable to depending on age and ] for b) and c) not available) seniority/merit service attributable to ] seniority and merit d) Post-retirement benefit increases 3.00% compounded 3.00% compounded 3.0~o compounded annually annually annually (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Status and Progress: (Continued) Illinois Fire- Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Only) Pension benefit obligation Retirees and beneficiaries currently receiving benefits and terminated (Note A) (Note B) (Note B) employees not yet receiving benefits $ 1,195,890 $ 5,721,054 $ 6,551,742 $ 13,468,686 Current employees Accumulated employee contributions including allocated investment earnings 3,225,227 2,496,555 2,915,952 8,637,734 Employer - financed vested 6,444,725 5,463,283 8,327,606 20,235,614 Employer - financed nonvested 764,293 1.438.163 2.065.835 4,268,291 Total pension benefit obligation 11,630,135 15,119,055 19,861,135 46,610,325 Net assets available for benefits 10,863,388 14,823.582 26.921,541 52.608.511 (Market values) (IMRF $ 10,974,951 (Police 15,036,546 (Firefighters' 27.430,876 (Totals Unfunded (assets in excess of) pension benefit obligation ~; 766.747 ~ ~95.473 ~ (7.060.406) ~; (5.998.186) (Note A) The pension benefit obligation applicable to retirees and beneficiaries currently receiving benefits is not included in the above schedule due to the fact that this obligation was transferred from the Government to IMRF as a whole when the annuity became payable. (Note B) The "pension benefit obligation" applicable to the Plan is the actuarial accrued liability, a substitute disclosure measure. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Status and Progress: (Continued) Effects on the Pension Benefit Obligation of Current-Year Changes Illinois Municipal Retirement: There were no current-year changes in the actuarial assumptions, benefit provisions and methodology in the pension benefit obligation shown above from the previous year. Police Pension: There were no current-year changes in the actuarial assumptions, benefit provisions and methodology in the pension benefit obligation shown above from the previous year. Firefighter's Pension: There were no current-year changes in the actuarial assumptions, benefit provisions and methodology in the pension benefit obligation shown above from the previous year. Contributions Required and Contributions Made Illinois Municipal Retirement, Police Pension, and F~reflghte s Pension 'in The Systems fund g policy provides for actuarially determined periodic contributions at rates that, for individual employees, accumulate assets gradually over time so that sufficient assets will be available to pay benefits when due. The rate for the Government's employee group as a whole has tended to remain level as a percentage of annual covered payroll. The contributions rate for normal cost is determined using the entry age normal actuarial funding method. The IMRF System used for level percentage of payroll method, while the Police Pension and liabilityFisefighterS'over PensiOna 40 yearSystemSperiod, used a level dollar amount method to amortize the unfunded The significant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described above. (Continued) 46 VILLAGE OF ILLINOIS GLENVIEW, Notes to Financial Statements December 31, 1995 NOTE 18 o EMPLOYEE RETIREMENT SYSTEMS (Continued) Contributions Required and Contributions Made (Continued) Illinois Fire- Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Only~ Actuarial valuation date December 31, January 1, January 1, 1995 1995 1995 Actuariatly determined con~xibution requirement As a dollar amount Employer Normal cost $ 503,802 $ 313,764 $ 491,424 $ 1,308,990 Amortization of unfunded actuarial accrued liability 122,113 52,752 (292,840) (117,975) Death and disability cost 23,027 23,027 Supplemental retirement benefit 43.26,3 43.263 692,205 366,516 198,584 1,257,305 Employee - normal cost 314.004 288.823 334.703 9375,30 As a % of current covered payroll Employer Normal cost 7.22% 9.78% 12.11% 9.19% Amortization of unfunded actuarial accrued liability 1.75 1.64 (7.22) (.83) Death and disability cost .33 .16 Supplemental retirement benefit .62 ,30 9.92 11.42 4.89 8.82 Employee - normal cost 4.50 9.00 8.25 6.58 .~d~2~% 2o42% ..~2~% 15.40% Contribulion made As a dollar amount Employer $ 692,205 $ 396,439 $ 267,750 $ 1,356,394 Employee 314,004 288.823 334.70,3 937330 As a % of current covered payroll Employer 9.92% 12.35% 6.60% 9.52% Employee 4.50 9.00 8.25 6.58 ~ ~ ..~5% ~ 4.~% ~ (Continued) 47 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Contributions Required and Contributions Made (Continued) Effects on the Contribution Requirements of Current-Year Changes Illinois Municipal Retirement, Police Pension, Firefighters' Pension There were no current year changes in actuarial assumptions or benefit provisions. Trend Information: Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Trend information may be found in the supplemental sechon of the Governme t s annual financial report. For Illinois Totals Fiscal Municipal Police Firefighters' Memorandum Year Retirement Pension Pension Only) Net assets available for benefits as a % of the pension benefit 1993 78.45 98.62 131.64 107.63% obligation (PBO) 1994 79.83 97.44 138.60 112.12 1995 93.41 98.05 135.55 112.87 Unfunded (assets in excess of) PBO % of annual covered payroll as a (expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approx- imately adjusts for the effects of 1993 32.02 6.11 (134.67) (22.59) inflation for analysis purposes) 1994 30.83 11.87 (213.70) (39.70) 1995 10.99 9.21 (174.03) (42.11) Employer contributions As a % of annual covered payroll 1993 14.92 8.56 2.94 7.81 1994 10.42 12.71 7.48 1021 1995 9.92 12.35 6.60 9.52 Required 1993 640,070 333,146 283,949 1,257,165 1994 683,868 349,352 162,710 1,195,930 1995 692,205 366,516 198,584 1,257,305 Made 1993 640,070 247,148 109,670 996,888 1994 683,868 383,600 244,063 1,311,531 1995 692,205 396,439 267,750 1,356,394 GENERAL FUND The General Fund, also referred to as the Corporate Fund, is used to account for resources traditionally associated with governmental services not required to be accounted for in another fund. VILLAGE OF GLENVIEW, ILLINOIS General F~md Balance Sheet December 31, 1995 and 1994 1995 1994 ASSETS Cash and investments $ 4,064,532 $ 4,948,807 Receivables Taxes Property taxes 3,755,037 3,744,904 Sales tax 762,111 754,002 317,413 270,260 Income tax Utility taxes 313,976 289,790 Accounts 118,722 526,403 Other 3,165 72,149 Due from other funds 2,869,707 1,555,178 Prepaid items 5,356 10,756 Investment in land held for resale 725,000 725,000 Total assets $ 12,935,019 $ 12,897,249 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 116,910 $ 63,490 Accrued payroll 41,653 27,257 Compensated absences payable 660,186 440,101 Due to other funds 1,137,082 449,066 Other payables 29,924 Deferred revenues 3,755,037 3,735,626 Total liabilities 5,740,792 4,715,540 Fund balance Reserved for prepaid items 5,356 10,756 Reserved for land held for resale 725,000 725,000 Unreserved Designated for surcharge receipts 1,472,048 2,222,048 Undesignated 4,991,823 5,223,905 7,194,227 8,181,709 Total fund balance Total liabilities and fund balance $ 12,935,019 $ 12,897,249 See accompanying notes to financial statements. 49 VILLAGE OF GLENVIEW, ILLINOIS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 Budget Actual Actual Revenues Taxes $ 14,591,910 $ 14,831,136 $ 14,081,262 Licenses and permits 1,040,950 958,658 1,054,726 Intergovernmental 2,153,003 1,441,503 1,965,102 Charges for services 806,835 722,408 718,494 Fines and forfeits 290,000 207,433 226,415 Interest 197,700 174,561 105,601 Miscellaneous 50,000 44,512 44,975 Total revenues 19,130,398 18,380,211 18,196,575 Expenditures General government 3,782,736 3,808,518 3,725,026 Public safety 10,577,509 10,298,562 9,641,425 Highways and streets 3,694,998 3,573,406 3,348,927 Total expenditures 18,055,243 17~680,486 16,715,378 Excess of revenues over expenditures 1,075,155 699,725 1,481,197 Other financing sources (uses) Operating transfers in Escrow Deposit Fund 144,000 249,522 142,414 Operating transfers (out) Capital Equipment Replacement (773,593) (765,685) (678,927) Fund Capital Projects Fund (351,000) (1,098,000) (878,000) Police Pension Fund (32,037) (32,037) (29,835) Firefighters' Pension Fund (41,007) (41,007) (39,669) GNAS Caretaker Fund (70~30) (1,053,637) (1,687,207) (1~554,817) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses $ 21,518 (987,482) (73,620) Fund balance January 1 - as restated 8,181,709 8,255,329 December 31 $ 7F194,227 $ 8,181t709 I See accompanying notes to financial statements. 50 VILLAGE OF GLEN'VIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 l~udEet Actual Actual Taxes Property taxes - current $ 3,549,810 $ 3,522,602 $ 3,691,228 Property taxes - prior 62,783 57,150 Replacement taxes 65,000 89,502 69,273 Sales tax 4,400,000 4,843,071 4,438,932 Utility tax 3,260,100 2,935,696 2,512,867 Illinois income tax 2,300,000 2,266,279 2,157,707 Road and bridge 128,000 135,789 138,461 Franchise taxes 289,000 355,268 263,.597 Road and bridge - prior 1,462 1,701 Hotel room tax 600,000 618,684 589,206 Income tax surcharge 161t140 14,591,910 14,831,136 14t081e262 Licenses and permits Motor vehicle 440,000 403,655 4~4,946 Business 55,000 53,042 79,059 75,500 84,850 70,950 Liquor Pet 5,700 5,870 5,315 Buildings 331,200 294,469 343,655 Electrical inspection 35,100 30,060 33,825 Plumbing and sewer 35,000 27,805 31,082 Plan review and elevator inspection 57,950 53,007 49,107 Driveway permits 5r500 5~900 6t787 1,040~950 958~658 1,054~726 Intergovernmental Glenbrook Fire Protection District 1,972,583 1,243,933 1,781,710 Federal and state grants 50,000 22,669 24,519 Other 130~420 174~901 158~873 2,153,003 1~441,503 1~965t102 Charges for services Administration 635,835 586,515 594,629 Engineering fees 85,000 49,380 31,979 Contractor's fees 45,000 45,155 45,730 Unclassified public works service 15,000 10,957 14,399 Other current service charges 26,000 30,401 31,757 806,835 722~408 718f494 (Continued) 51 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 Fines and forfeits $ 290~000 $ 207~4~33 $ 226r415 Interest 197~700 174t561 105,601 Miscellaneous Bank charges 2,352 P.C. expansion and training 20,000 Other 50,000 44,512 22~623 50,000 440512 44,975 Total revenues $ 19,130,398 $ 18,380,211 $ 18,196,575 I 1 I I I I I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual General government Board of Trustees $ 22,840 $ 20,995 Special board 147,360 135,434 Legal and insurance 316,100 375,947 Emergency Service Disaster Agency 5,980 5,948 Village manager 434,426 428,830 Finance 655,087 663,925 Municipal building and grounds 174,512 158,036 Personnel and insurance 2,026,431 2,019,403 3,782,736 3,808,518 Public safety Police department 5,055,205 5,040,644 Fire department 5,470,404 5,211,640 Printing 51,900 46,278 10,577,509 10,298,562 Highways and streets Development and public services Administration 205,231 208,161 Planning and zoning 111,346 123,136 Engineering 455,762 440,275 Public health 196,404 142,646 Public works - administration 238,375 228,748 Public works - overhead 748,656 703,650 Public works - street maintenance 296,281 342,000 Public works - traffic 243,438 201,637 Public works - storm water management 120,575 99,842 Public works - snow and ice control 251,617 260,946 Public works - forestry 172,900 166,256 Public works - grounds 130,971 133,971 Building inspection 523,442 522,138 3,694,998 3,573,406 Total expenditures $ 18,055,243 $ 17,680,486 (Continued) 53 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual General government Board of Trustees Regular salaries $ 3,000 $ 3,000 Training 1,000 Trustee expense 15,540 15,317 Operational material and supplies 3,300 2,678 22,840 20,995 Special board Contractual services 146,360 135,383 Materials and supplies 1,000 51 147,360 135,434 Legal and insurance Contractual and professional services 66,400 38,408 Books 3,400 2,164 Dues, subscriptions, and memberships 450 498 Village Attorney retainer 41,100 42,750 Prosecutor retainer 29,750 30,950 Outside litigation 175,000 261,177 316,100 375,947 Emergency Service Disaster Agency Telephone and telegraph 1,000 990 Maintenance of equipment 2,580 2,988 Office supplies 200 102 Books, pamphlets, and materials 200 159 Materials and supplies 500 558 Contingencies 1,000 788 Small tools 500 363 5,980 5,948 Village Manager Regular salaries 320,632 340,377 salaries 16,000 6,937 Temporary Longevity pay 1,900 1,900 Contractual professional services 1,500 417 Printing, binding, and publication 11,900 1,077 Postage 37,000 37,567 Dues, subscriptions, and memberships 21,185 17,426 (Continued) VILLAGE OF GLENVIEW, ILLINOIS Genera! Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual General government (Continued) Village Manager (Continued) Maintenance of equipment $ 1,550 $ 246 Travel expense 7,310 7,846 Training expense 1,600 1,390 Books, pamphlets, and materials 300 63 Operational material and supplies 800 353 Computer supplies 1,100 802 Equipment repairs 3,349 6,588 Equipment replacement 6,000 6,000 3,800 5,841 Machinery or equipment Furniture and fixtures 4,500 440,426 434,830 Less transfer to Capital Equipment 6,000 6,000 Replacement Fund 434,426 428,830 Finance Regular salaries 433,327 410,879 Overtime salaries 750 887 Temporary salaries 28,000 31,401 Longevity pay 4,650 4,558 Contractual professional services 39,715 54,449 Printing, binding, and publication 29,000 27,904 Postage 7,000 4,342 Dues, subscriptions, and memberships 1,645 1,092 Telephone and telegraph 25 185 Car allowance 300 Maintenance of equipment 14,175 17,150 Rentals 37,400 37,207 Travel expense 5,000 3,907 1,500 1,392 Training expense Office supplies 25,500 31,469 Reimbursable expense 6,230 300 218 Books, pamphlets, and materials Computer supplies 5,000 5,000 (Continued) 55 I VILLAGE OF GLENVIEW, ILLINOIS i General Fund Schedule of Expenditures - Budget and Actual i Year Ended December 31, 1995 I Budget Actual General government (Continued) I Finance (Continued) Other operating expense $ 1,000 $ 964 Bank charges 800 4,297 I P.C. expansion 13,000 12,796 Machinery and equipment 7,000 7,598 655,087 663,925 I Municipal building and grounds Temporary salaries 24,212 578 Power and ilght 150 I 18,000 9,597 Heating Postage 26,000 16,184 Telephone 25,000 29,122 I Maintenance of equipment 20,700 26,629 Maintenance of buildings 12,250 19,727 i Rentals 10,500 10,412 Cleaning and household supplies 5,000 2,305 Maintenance materials - buildings 10,800 20,665 i Small tools and equipment 300 156 Employee welfare 4,600 3,728 Buildings and improvements 17,900 18.933 174,512 158,036 I Personnel Contractual professional services 23,500 23,417 I Public safety selection and promotion 3,000 3,400 Wellness program 10,000 1,544 Printing, binding, and publications 1,800 2,815 I Dues, subscriptions, and memberships 590 770 Safety program 3,500 290 Travel 400 45 I Training expense 24,000 25,457 Books, pamphlets and materials 1,000 662 Employee welfare 8,450 10,812 I Insurance 1,950,191 1,950,191 2,026,431 2,019,403 I general government 3,782,736 3,808,518 Total I (Continued) 56 I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Ac~al Public safety Police department Regular salaries $ 3,893,723 $ 3,949,563 Overtime salaries 70,200 80,817 Overtime hire back 57,800 87,632 Overtime court time 75,900 81,568 4,200 1,782 Overtime training Overtime extra detail 12,316 Temporary salaries 142,500 110,520 Holiday pay 109,515 99,101 Longevity pay 41,350 40,723 Contractual professional services 91,500 93,393 Printing, binding, and publication 9,000 6,045 Heating 7,000 4,129 Postage 5,000 3,049 Telephone 24,000 14,050 Dues and subscriptions 3,380 2,776 Maintenance of equipment 72,700 54,454 Maintenance of buildings 2,900 1,527 Rentals 14,350 12,717 Travel expenses 5,280 6,565 Office supplies 4,250 4,538 Books, pamphlets, and materials 7,000 6,683 Training 54,537 46,946 Uniform allowance 64,550 66,643 Cleaning and household supplies 3,500 4,263 Maintenance materials - buildings 3,600 306 Operating materials and supplies 25,600 22,639 Computer supplies 69 P.C. expansion/training 15,500 15,158 Employee welfare 7,500 7,050 Equipment repairs 188,970 166,452 Machinery and equipment 22,700 26,721 Furniture and fixtures 1,200 865 (Continued) 57 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual Public safety (Continued) Police depa~'h~ent (Continued Vehicles $ 26,000 $ 9,584 Equipment replacement 255,968 248,060 5,311,173 5,288,704 Less transfer to Capital Equipment Replacement Fund 255,968 248,060 5,055,205 5,040,644 Fire department Regular salaries 4,186,052 4,114,419 Overtime administrative 1,000 6,712 Overtime acting company officer 12,000 14,463 Overtime call back 25,750 26,535 Overtime hire back 154,875 70,910 Overtime apparatus repair 4,000 5,670 Overtime fire prevention 1,000 5,128 Overtime public education 19,600 14,578 Overtime emergency medical service 42,000 20,552 Overtime hazardous material 8,000 2,282 Overtime FLSA 46,500 39,864 Overtime special rescue 5,400 4,410 Overtime dive team 11,500 6,973 Overtime training 22,300 14,465 Temporary salaries 2,000 299 Holiday pay 137,312 144,131 Longevity pay 49,700 47,984 Contractual professional services 256,000 236,297 Outside litigation 5,000 6,651 Fire selection and promotion 28,725 16,095 Printing, binding, and publication 38 Heating 12,000 6,621 Postage 1,200 954 Telephone 17,350 19,187 Dues, and 2,345 2,036 subscriptions, memberships Maintenance of equipment 25,550 22,769 Maintenance of buildings 24,500 20,103 (Continued) 58 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual Public safety (Continued) Fire department (Continued) Rentals $ 5,600 $ 3,986 Travel expenses 6,150 3,782 Training 24,100 15,617 Uniform and turnouts 59,500 59,584 Office supplies 2,000 1,782 Texts and films 3,450 3,338 Motor vehicle supplies 6,000 4,529 Cleaning supplies 8,000 7,942 materials - equipment 12,000 10,611 Maintenance Maintenance materials - buildings 10,800 8,665 Small tools and equipment 21,360 16,132 Operating materials and supplies 21,750 13,505 Computer supplies 2,000 2,208 Employee welfare 4,000 3,976 Equipment replacement 238,674 238,674 Equipment repairs 110,060 1 !7,712 Buildings / improvements to buildings 13,700 13,858 Machinery and equipment 58,275 54,287 5,709,078 5,450,314 Less transfer to Capital Equipment Replacement Fund 238,674 238,674 5,470,404 5,211,640 Printing Overtime salaries 500 Maintenance of equipment 500 Rentals 34,000 30,299 Maintenance materials - equipment 300 13 Operating supplies 16,000 15,339 tools and equipment 100 Small Buildings / improvements to buildings 500 627 51,900 46,278 Total public safety 10,577,509 10,298,562 (Continued) 59 VILLAGE OF GLEN-VIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual Highways and streets Development and public service Administration Regular salaries $ 190,775 $ 195,894 Temporary salaries 9,000 7,341 Longevity pay 550 1,000 Contractual professional services - 12 Computer supplies 150 56 Dues, subscriptions, and memberships 610 598 Maintenance of equipment 650 48 Travel 1,000 1,061 expense Training 500 357 Office supplies 150 404 Books, pamphlets, and materials 200 138 Equipment replacement 3,700 3,700 Equipment repairs 1,646 1,252 208,931 211,861 Less transfer to Capital Equipment Replacement Fund 3,700 3,700 205,231 208,161 Planning and zoning Regular salaries 55,416 55,749 Contractual and professional services 30,000 47,565 Books, pamphlets, and materials 400 61 Printing, binding, and publication 16,000 11,764 Dues, subscriptions, and memberships 4,630 4,556 Travel expense 2,000 1,885 Training 1,500 599 Operational supplies 400 363 P.C. expansion 1.000 594 111,346 123,136 (Continued) · VILLAGE OF GLENVIEW, ILLINOIS General Fund I Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 1 Budget Actual I Highways and streets (Continued) Development and public service (Continued) Engineering I Regular salaries $ 384,072 $ 375,573 Overtime salaries 2,300 7,153 Temporary salaries 9,000 6,638 Longevity pay 2,800 2,163 Contractual and professional services 8,730 6,965 Printing, binding, and publication 350 244 Dues, subscriptions, and memberships 1,150 1,244 Maintenance of equipment 1,540 362 1 Travel expense 2,100 1,616 Rentals 200 270 Training 3,100 3,280 1 Uniform allowance 1,175 485 Books, pamphlets, and materials 175 · Operational materials 4,000 3,319 1 Computer supplies 1,000 143 Equipment replacement 14,400 14,400 · Equipment repairs 6,870 3,802 · Machinery and equipment 27,200 27,018 470,162 454,675 I Less transfer to Capital Equipment RepLacement Fund 14,400 14,400 · 455,762 440,275 · Public health Regular salaries 155,400 111,506 I Overtime salaries 1,000 281 Temporary salaries 22,949 20,898 1,500 800 Longevity pay Rentals 80 56 Contractual professional services 850 860 Printing, binding, and publication 200 1 Dues, subscriptions, and memberships 1,084 686 Maintenance of equipment 535 348 (Continued) I 61 I VILLAGE OF ILLINOIS GLENVIEW, General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public health (Continued) Travel expense $ 2,650 $ 1,629 Training expense 2,100 614 Books, pamphlets, and materials 550 366 Small tools and equipment 650 92 Operating materials and supplies 2,650 426 Equipment replacement 6,000 6,000 Computer supplies 1,050 1,010 Other operational 225 expense Equipment repairs 2,931 3,074 202,404 148,646 Less transfer to Capital Equipment Replacement Fund 6,000 6,000 196,404 142,646 Public works - administration Regular salaries 181,415 188,196 Overtime salaries 500 Temporary salaries 21,445 19,733 Longevity pa y 1,475 1,475 Printing, binding, and publication 200 303 Dues, subscriptions, and memberships 600 634 Maintenance of equipment 1,450 643 Rentals 2,900 2,750 Travel expense 5,000 2,568 Training 18,500 8,927 Office supplies 2,000 1,288 Books, pamphlets, and materials 90 Operational materials and supplies 1,800 999 Computer supplies 1,000 1,232 238,375 228,748 (Continued) 62 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 ~ Actual Highways and streets (Continued) Development and public service (Continued) Public works - overhead Regular salaries $ 368,818 $ 398;269 Overtime salaries 2,396 4,485 Temporary salaries 52,127 49,005 Longevity pay 11,300 11,117 Contractual professional services 2,000 Heating 21,000 15,371 Telephone 10,000 1,615 Dues, subscriptions, and memberships 80 35 Maintenance of equipment 8,000 4,579 Maintenance of building improvements 10,850 8,760 Rentals 31,100 5,602 Travel expense 250 184 Training 2,500 1,942 Uniform allowance 10,000 10,985 Books, pamphlets, and materials 250 141 Cleaning supplies 4,500 4,502 Maintenance materials - buildings 5,000 1,364 Small tools and equipment 2,500 1,356 Operational materials and supplies - 83 Employee welfare 3,000 2,896 Equipment replacement 214,851 214,851 Equipment repairs 202.985 181.359 963,507 918,501 Less transfer to Capital Equipment Replacement Fund 214,851 214,851 748,656 703,650 Public works - street maintenance salaries 180,517 204,867 Regular Overtime salaries 9,084 21,511 Temporary salaries 16,080 15,483 Maintenance materials - buildings 23,000 39,676 I VILLAGE OF GLENVIEW, ILLINOIS i General Fund Schedule of Expenditures - Budget and Actual i Year Ended December 31, 1995 I ~ Actual Highways and streets (Continued) I Development and public service (Continued) Public works - street improvements (Continued) Small tools and equipment $ 2,300 $ 1,539 I Operating materials and supplies 12,000 12,650 Maintenance of buildings 50,000 43,076 Machinery and equipment 3,500 3,198 296,281 342,000 I Public works - traffic Regular salaries 64,816 63,223 I salaries 3,711 7,481 Overtime Temporary salaries 3,611 1,732 Power and light 90,000 65,453 I Maintenance of equipment 40,800 39,651 Maintenance of buildings 9,500 3,051 Rentals 400 I Sign supplies 26,100 17,558 Small tools and equipment 500 162 I Machinery and equipment 4,000 3,326 243,438 201,637 Public works - storm water management I Regular salaries 81,722 79,079 Overtime salaries 2,923 4,604 Temporary salaries 7,630 2,635 I Maintenance of buildings 4,000 3,803 Maintenance materials - equipment 2,000 8 Small tools and equipment 500 486 I Machinery & equipment 1,800 1,378 Operating materials and supplies 20,000 7,849 120,575 99,842 ! 1 ! I (Continued) ! VILLAGE OF GLENVIEW, ILLINOIS I General Fund I Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 I Budget Actual I Highways and streets (Continued) Development and public service (Continued) I Public works - snow and ice control Regular salaries $ 85,449 $ 96,698 Overtime salaries 61,009 63,808 I Temporary salaries 2,634 564 Contractual professional services 525 525 Maintenance materials - equipment 15,000 13,758 I Operating materials and supplies 87,000 85,593 20,000 20,000 Equipment replacement 271,617 280,946 1 Less transfer to Capital Equipment Replacement Fund 20,000 20,000 251,617 260,946 I Public works - forestry Regular salaries 154,153 153,202 I Overtime salaries 2,923 5,264 Temporary salaries 3,874 1,403 Contractual professional services 1,500 834 I Dues, subscriptions, and memberships 350 215 Maintenance of equipment 1,000 126 Maintenance of building / improvements 3,000 12 I Maintenance materials and equipment 500 174 Small tools and equipment 2,200 3,015 Operating materials and supplies 3,400 2,011 I 172,900 166,256 Public works - grounds Regular salaries 87,293 86,613 I Overtime salaries 891 5,216 Temporary salaries 6,987 12,480 Contractual professional services 28,000 22,822 I Maintenance of building / improvements 1,000 Maintenance materials - equipment 600 550 1,200 1,061 1 Small tools and equipment 5,000 5,229 Operating materials and supplies 130,971 133,971 1 (Continued) l 65 I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual Highways and streets (Continued) Development and public service (Continued) Building inspection Regular salaries $ 458,180 $ 467,425 Overtime salaries 8,000 6,566 Temporary salaries 2,000 Longevity pay 4,100 4,100 Contractual services 25,000 21,774 professional Printing, binding, and publication 500 1,988 Dues, subscriptions, and memberships 1,035 629 Maintenance of equipment 2,350 1,635 Travel 4,000 3,310 Training 4,000 4,081 Uniform allowance 1,100 557 Books, pamphlets, and materials 2,500 2,730 Operating materials and suppl/es 3,000 3,158 Equipment replacement 14,000 14,000 Equipment repairs 7,677 4,185 537,442 536,138 Less transfer to Capital Equipment Replacement Fund 14,000 14,000 523,442 522,138 Total highways and streets $ 3,694,998 $ 3,573,406 66 SPECIAL REVENUE FUNDS Illinois Municipal Retirement Fund - The Illinois Municipal Retirement Fund is used to account for the revenues and expenditures associated with providing disability and pension benefits for Glenview employees. This fund also provides the employer with a portion of F.I.C.A. Contributions. Motor Fuel Tax Fund - The Motor Fuel Tax Fund is used to account for the activities involved with street maintenance and construction. Financing is provided by the Government's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Cable TV Fund - The Cable Television Fund is used to account for the financial activity of the public access cable system. Any governmental body or not-for-profit community organization will be permitted to broadcast public information or educational programming. The cable television management and staff is under the direct control of the Village of Glenview Board of Trustees. Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the Government. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - The 911 Communications Fund is used to account for the activity of the 911 emergency service system. Financial activity began in 1990 and the system became operational in 1992. GNAS Grant Fund - The GNAS Grant Fund is used to account for the resources and expenditures incurred in the development of the Naval Air Base land. GNAS Caretaker Fund - The GNAS Caretaker Fund is used to account for the resources and expenditures related to the Village's custodial arrangement with the U.S. Navy regarding caretaking of the Naval Air Base. VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 Budget Actual Revenues Taxes Property taxes - current $ 1,106,500 $ 1,099,229 Replacement taxes 10,000 11,642 Intergovernmental 249,041 249,041 Interest 3,000 3,691 Miscellaneous Employee contributions 829,500 902,430 Total revenues 2,198,041 2,266,033 Expenditures Pension Retirement contributions 2,028,900 2,185,162 Other 7,206 20,892 Total expenditures 2,036,106 2,206,054 Excess of revenues over expenditures 161,935 59,979 Other financing sources Operating transfers in Cable TV Fund 5,045 5,045 911 Communications Fund 27,372 27,372 Waterworks Fund 118,966 118,966 Wholesale Water Fund 1,644 1,644 GNAS Caretaker Fund 9,427 Sewerage Fund 20,533 20,533 173,560 182,987 Excess of revenues and other financing sources over expenditures $ 335,495 242,966 Fund balance /1~311,091 January 1 December 31 $ I1'068'125) See accompanying notes to financial statements. 69 VILLAGE OF GLENVIEW, ILLINOIS Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 Actual Revenues Intergovernmental Allotments $ 800,000 $ 894,207 Interest ] 5,500 21,961 Total revenues 815,500 916,168 Expenditures Excess of revenues over expenditures 815.500 916.168 Other financing sources(uses) Operating transfers in Capital Projects Fund 402,485 Operating transfers (out) Capital Projects Fund (1293,800) (1,293,800) (1.293.8001 (891.315l Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses $ (478,300.~) 24,853 Fund balance January 1 788,232 December 31 $ 813,085 See accompanying notes to financial statements. 70 VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 Budget Actual Revenues Interest $ 1,500 $ 1,006 Miscellaneous Cablenet programming agreement 50,700 51,000 Other 2,000 960 Total revenues 54,200 52,966 Expenditures General government 64,754 55,233 Excess (deficiency) of revenues over expenditures (10,534) (2,267) Other financing (uses) Operating transfers (out) Illinois Municipal Retirement Fund (5,045) (5,045) Excess (deficiency) of revenues over expenditures and other financing uses $ (15,579) (7,312) Fund balance January 1 61,772 December 31 $ 54,460 See accompanying notes to financial statements. 71 VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Budget Actual General government Regular salaries $ 30,504 $ 30,627 Contractual professional services 5,000 1,455 Postage 100 Telephone 430 Dues, subscriptions, memberships 600 152 Insurance 6,750 6,750 Maintenance of equipment 3,500 963 Equipment repairs 1,550 902 Rentals 100 48 Travel expense 1,000 1,034 Training 3,500 326 Books, pamphlets, materials 250 20 Operating materials and supplies 4,000 5,023 Computer supplies 1,000 5,204 Machinery and equipment 5,950 2,729 Furniture and fixtures 500 Total expenditures $ 64,734 $ 55,233 72 VILLAGE OF GLENVIEW, ILLINOIS Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 1995 1994 Budget Actual Actual Revenues Charges for services License fee $ 3,750 $ 3,125 3,750 Host community revenue 58,000 73,367 138,123 Bin sales 1,000 2,585 1,479 Refuse bag sales 43,000 37,067 42,096 Yard waste sticker sales 30,000 26,952 25,574 Tipping fees 600,000 613,568 425,608 Interest 700 3,640 2,684 Total revenues 736,450 760,304 639,314 Expenditures General government Dumping costs 500,000 576,586 536,087 Refuse bage purchase 43,000 38,422 37,332 Yard waste sticker purchase 30,000 18,830 36,065 Operational materials and supplies 1,391 Miscellaneous selling expenses 15,077 Contractual professional service 3,000 Repayment of cash advance 23,000 Training 1,000 87 Total expenditures 600,000 633,925 625,952 Excess of revenues over expenditures $ 136,450 126,379 13,362 Fund balance January 1 - as restated {71,856) /85,218) December 31 $ 54,523 $ f71,856t See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS 911 C ommunications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 Budget Actual Revenues Charges for services $ 283,000 $ 297,895 Interest 1,000 1,201 Total revenues 284,000 299,096 Expenditures Public safety Regular employee salaries 106,476 106,128 Overtime salaries 1,000 557 Overtime hire back 5,000 2,792 Holiday pay 4,500 372 Longevity pay 850 850 Contractual professional services 3,600 3,600 Printing, binding, and publications 500 Telephone and telegraph 60,600 61,877 Maintenance of equipment 10,800 4,579 Uniform allowance 1,350 900 Materials and supplies 1,000 216 Machinery or equipment 700 P.C. 2,000 expansion/training Insurance 22,204 22,204 Total expenditures 220,580 204,075 Excess of revenues over expenditures 63,420 95,021 Other financing (uses) Operating transfers (out) Illinois Municipal Retirement Fund (27,372) (27,372) Capital Equipment Replacement Fund (36,118) (36,118) /63,490) (63,490) Excess (deficiency) of revenues over expenditures and other financing uses $ I70) 31,531 Fund balance January 1 74,768 December 31 $ 106,299 See accompanying notes to financial statements. 74 VILLAGE OF GLENVIEW, ILLINOIS GNAS Grant Fund Administration Department Schedule of Expenditures-Actual Only · Year Ended December 31, 1995 General government Administration Regular salaries $ 27,568 Uniform allowance 136 Contractual professional services 96,858 Postage 403 Printing, binding, and publication 9,623 Dues, subscriptions, memberships 4,375 Insurance 87,310 Travel expense 5,654 Operating materials and supplies 1,596 27.652 Machinery and equipment 261,175 OEA Grant Contractual professional services 414,126 Postage 1,095 Printing, binding, and publication 8,307 Dues, subscriptions, memberships 247 Travel expense 20,507 Training 1,000 1,111 Operating materials and supplies 446,393 Total expenditures $ 707,568 75 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Actual Or~ly Year Ended December 31, 1995 General government Regular salaries $ 113,639 Contractual professional services 149,021 Printing, binding, publications 98 Insurance 8,079 Equipment repairs and replacement 17,917 Rentals 35 Training 1,200 Maintenance of equipment 133 Operating materials and supplies 2,865 Supervisory burden 11,570 Small tools and equipment 71 Machinery and equipment 20.760 Total expenditures $ 325,388 76 DEBT SERVICE FUNDS Library Bond Series of 1984 - This issue in the amount of $3,100,000 was used to construct an addition to the Library. Corporate Purpose Bond Series of 1989 - This issue ~n the amount of $8,000,000 was sold to finance various capital improvements including storm sewers, land acquisition, pavement improvements, and water related projects. Corporate Purpose Bond Series of 1990 - This issue in the amount of $4,500,000 was sold to finance the Government's share of the Glenview Road reconstruction project. Moody's Investors Service has rated this general obligation bond issue AAA. Corporate Purpose Bond Series of 1991 - This issue ~n the amount of $4,165,000 was sold to finance the partial refunding of the Library Bond Series of 1984 and early retirement of the Corporate Purpose Bond Series of 1979. Corporate Purpose Bond Series of 1993 - This issue in the amount of $7,635,000 was sold to finance various capital projects throughout the Government including, but not limited to, the public works garage, various street projects, and capital purchases. Corporate Purpose Bond Series of 1994 - This issue in the amount of $8,040,000 was sold to partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose Bond Series of 1990. Corporate Purpose Bond Series of 1995 - This issue in the amount of $500,000 was sold to finance the construction of a Sewer Lift Station and other sewer system improvements. General Obligation Bond Anticipation Bond Series of 1995 - This issue in the amount of $60,000,000 was sold to finance the development of the Glenview Naval Air Base which was turned over to the Village in 1995. I I I I I I CAPITAL PROJECTS FUNDS I Capital Equipment Replacement l~und - The Capital Equipment Replacement Fund is used to account for the funds annually set aside for the eventual replacement of certain capital i equipment. Capital Projects Fund - The Capital Projects Fund is used to account for revenues and i expenditures involved with all other Capital Improvements throughout the Government. Bond Fund Series 1989 - The Bond Fund Series 1989 is used to account for the proceeds i received from the Corporate Purpose Bond Series of 1989. Bond Fund Series 1990 - The Bond Fund Series 1990 is used to account for the proceeds ireceived from the Corporate Purpose Bond Series of 1990. Bond Fund Series 1993 - The Bond Fund Series 1993 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1993. I GNAS Project Fund - This fund is used to account for various development and other iprojects related to the Glenview Naval Air Base which was turned over to Glenview in 1995. ENTERPRISE FUNDS Waterworks Fund - The Waterworks Fund is used to account for the provision of water and sewer service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, Administration (Director of Public Works), Operation, Maintenance, Financing and related Debt Service, and Billing and Collection. Wholesale Water Fund - The Wholesale Water Fund is used to account for the provision of water service to the Citizens Utility Co. enabling the utility to receive Lake Michigan water. Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Glenview customers. Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts for the activity involved with, but not limited to, the Administration (Finance Director), sale of permits, and maintenance of the commuter parking facilities within the Government. · VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds I Combining Balance Sheet December 31, 1995 (with comparative totals for 1994) ! Wholesale Commuter Totals 1 · Due from other funds 352,319 864,544 1,216,863 720,539 Inventory 35,023 35,023 54,704 1 Accumulated depredation (6,335,931) (174,748) (1,346,816) (129,892) (7,987,387) (7,473,613) FUND EQUITY I Accounts payable $ 213,356 $ 67,178 $ $ - $ 280,534 $ 293,866 1 Due 637,712 261,321 258,728 119 1,157,880 867,022 Long-term liabilities I discount (22,576) (22,576) (23,951) · Fund equity Contributed capital 2,386,154 891,089 3,277,243 3,277,243 Total liabilities and f~ndequlty $ 17,178,787 $ 3,567,161 $ 4,203,925 $ 224,695 $ 25,174,568 $ 24,432,704 I See accompanying notes to financial statements. I 82 ! VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1995 (with comparative totals for 1994) Wholesale Commuter Totals Waterworks Water ~ ~ 1995 1994 Operating revenues Charges for services Water and sewer charges $ 5,841,753 $ 1,283,667 $ 834,950 $ $ 7,960,370 $ 7,855,917 Water meter repair charges 87 87 1,132 Water and sewer connection charges 44,758 5,465 50,223 6,800 Water meters and remote readers 27,491 27,491 37,163 Parking decals and meter fees 95,396 95,396 96,168 Miscellaneous 173,17~ 7,803 180,981 443,247 Total operating revenues 6,087,267 1,283,667 840,415 103,199 8,314,548 8,440,427 OperatLng expenses Administration 558,821 79,471 30,000 668,292 718,017 Operations 3,478,389 931,975 298,062 98,286 4,806,712 4,714,356 Depreciation and amortization 352,613 62,816 93,093 5,252 513,774 551,934 Total operating expenses 4,389,823 994,791 470,626 133,538 5,988,7713 5,984,307 Operating income (loss) 1,697,444 288,876 369,789 (30,339) 2,325,770 2,456,120 Nonoperating revenues (expense~) Interest income 53,521 3,618 12,723 3,421 73,283 83,040 Interest expense and fiscal (16.~.843~ ~ (~39.066~ ~422.991~ (110,322) (171,~05) 12,723 3,421 (265,7B3) (339,951) Income (loss) before operating transfers 1,587,122 117,271 382,512 (26,918) 2,059,987 2,116,169 Operating transfers (out) (7{)4,142) (1,644) (161,884) (867,670) (832,950) Net income (loss) 882,980 115,627 220,628 (26,918} 1,192,317 1,283,219 Retained earrfings January 1 10,395,827 507,789 2,833,480 251,494 13,988,590 12,705,371 Prior period adjustment 397,314 397,314 Adjusted balances 10,793,141 507,789 2,833,480 251,494 14,385,904 12,705,371 December31 $ 11,676,121 $ 623,416 $ 3,054,108 $ 224,576 $ 15,578,221 $ 13,988,590 See accompanying notes to financial statements. 83 VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Schedule of Changes in Contributed Capital Year Ended December 31, 1995 (with comparative totals for 1994) Wholesale Totals Waterworks Water ~ 1995 1994 Increases $ $ $ $ $ Decreases Net increase Contributed capital January 1 2,386,154 891,089 3,277,24~3 3,277,243 December 31 $ 2,386,154 $ $ 893.,089 $ 3,277,243 $ 3,277,243 · VILLAGE OF GLENVIEW, ILLINOIS 1 Waterworks Fund I Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 1 I ! Inmrest income (246,8267 i163,843/ Interest expeme and fiscal charg~ · Illinois Municipal Retirement Fund /1,349,1671 i470,1571 DOor Sexvice Fund i1,608,133/ (704,1~21 1 $ /316,289) 882,980 1 Net income 1 Adjusted balance See accompanying notes to financial statements. 1 86 I VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Budget Actual Admimstration Contractual professional services S 2,000 $ 918 Printing, binding, and publication 200 149 Postage 16,000 12,806 Computer supplies 3,000 1,962 Other operational expenses 180 Admimstrative charges- General Fund 418,227 418,227 Insurance 124~759 124~759 Total administration 564,366 558,821 Operations Supply and metering Regular salaries 79,697 64,598 Overtime salaries 2,837 2,130 Temporary salaries 1,179 388 Contractual professional services 46,000 37,753 Water 2,208,000 2,187,126 Maintenance of buildings 4,000 4,609 Operational materials and supplies 35,700 15,175 Total supply and metering 2,377,413 2,311,779 Pumping station-east Regular salaries 45,649 24,336 Overtime salaries 13,582 10,434 Temporary salaries 979 33 Contractual professional services 16,850 11,262 Power and light 85,000 78,353 Heating 6,000 2,999 Telephone 3,497 Maintenance of building 26,500 4,261 Rentals 2,400 Dues, subscriptions, and memberships 8 Cleaning and household supplies 100 84 Maintenance materials - equipment 3,000 1,889 Maintenance materials - building 1,000 129 Operating materials and supplies 12,900 3,458 Machinery and equipment l17t000 139~715 33O,96O 280,458 (Continued) 87 VILLAGE OF GLENVIEW, ILLINOIS 1 Waterworks Ftmd I Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 ! Budget Actual I Pumping station-east (Continued) Less nonoperating expenses Fixed assets capitalized $ 83,925 $ 83,925 I Total pumping station-east 247,035 196,533 Pumping station-west I Regular salaries 26,177 35,399 Overtime salaries 13,850 6,883 1 Temporary salaries 2,614 99 Contractual professional services 14,850 6,250 Power and light 105,000 85,899 1 Heating 1,000 823 Telephone 3,000 1,484 Maintenance of building 27,500 2,019 1 Cleaning and household supplies 100 68 Maintenance materials - equipment 5,000 1,999 · Maintenance materials - building 750 9 1 Operating materials and supplies 6,500 803 Machinery and equipment 29,000 29,000 235,341 170,735 I Less nonoperating expenses Fixed assets capitalized 29,000 29,000 1 Total pumping station-west 206,341 141,735 Distribution system I Regular salaries 245,946 197,065 Overtime salaries 38,747 28,509 · Temporary salaries 17,092 10,301 Contractual professional services 20,000 21,732 Maintenance of buildings 62,000 77,348 1 Rentals 300 288 Maintenance materials - equipment 175 Maintenance materials - buildings 69,200 74,221 · Operating materials and supplies 7,000 5,678 Machinery and equipment 26,000 Distribution system 202,718 210,058 1 689,003 625,375 (Continued) I 88 ! GLENVIEW, ILLINOIS VILLAGE OF Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Budget Actual Distribution system (Continued) Less nonoperating expenses Fixed assets capitalized $ 83,544 $ 83,544 Total distribution system 605,459 541,831 Overhead Regular salaries 176,147 174,197 1,030 237 Overtime Temporary salaries 2,106 5,507 Longevity pay 6,050 6,050 Postage 300 87 Telephone 1,200 613 Dues, subscriptions, and memberships 2,720 2,325 Maintenance of equipment 1,130 1,460 Rentals 1,200 359 Travel expense 3,800 3,087 Training 9,600 2,018 Uniform allowance 6,875 6,906 Office supplies 700 861 Books, pamphlets, and materials 300 200 Small tools and equipment 5,850 7,034 Operational materials and supplies 1,000 339 Computer supplies 1,800 1,200 Employee welfare 940 374 Equipment replacement 84,190 Equipment repairs 83,128 72,660 Machinery and equipment 2,350 997 392,416 286,511 Total operating expenses $ 4,393,030 $ 4,037,210 89 VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 Actual Operating revenues Charges for services $ 1.265.000 $ 1.283.667 Operating expenses excluding depreciation Operations Supply and metering 868,437 890,537 56,003 41,224 Pumping station Distribution system 7,763 214 Total operating expenses 932,203 931,975 Operating income before depreciation 332,797 351,692 62,816 Depreciation Operating income 332,797 288,876 Nonoperating revenues (expenses) Interest income 3,000 3,618 Interest expense (174,230) (173,848) Amortization of bond discount {1,375) (171,230) {171,605) Income before operating transfers 161,567 117,271 Operating transfers (out) Illinois Municipal Retirement Fund (1,644) (1,644) Net income $ 159,923 115,627 Retained earnings January 1 507,789 $ 623,416 December 31 See accompanying notes to financial statements. 91 VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Budget Actual Operations Supply and metering Water purchases $ 773,800 $ 796,540 Maintenance of buildings 1,000 360 Administrative charges - General Fund 84,237 84,237 Insurance 9,400 9,400 Total supply and metering 868,437 890,537 Pumping station salaries 3,774 5,849 Regular Overtime salaries 779 4,147 Temporary salaries 50 8 Contractual professional services 1,400 1,028 Power and light 45,000 27,215 Telephone 3,000 2,108 Maintenance of buildings 1,500 245 Equipment rentals 500 500 Operating materials and supplies 124 Total pumping station 56,003 41,224 Distribution system Regular salaries 602 Overtime salaries 1,000 169 Temporary salaries 161 Contractual professional service 3,000 Maintenance of buildings 1,000 45 Operating materials and supplies 2,000 Total distribution system 7,763 214 Total operating expenses $ 932,203 $ 931,975 92 VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 Budget Actual Operating revenues Charges for services Sewer charges $ 763,954 $ 834,950 Sewer connection charges 5,465 Total operating revenues 763,954 840,415 Operating expenses excluding depreciation Administration 89,817 79,471 Operations Pumping station 21,423 12,094 Collection 311,008 272,214 Sump pump inspection 36,000 13.754 Total operating expenses 458,248 377,533 Operating income before depreciation 305,706 462,882 Depreciation 20,000 93,093 Operating income 285,706 369,789 Nonoperating revenue Interest income 2,000 12,723 Income before operating transfers 287,706 382,512 Operating transfers (out) Illinois Municipal Retirement Fund (20,533) (20,533) Debt Service Fund (141,351) (141,351) Capital Projects Fund (300.000~ (461,884) (161,884) Net income ~; (174.178~ 220,628 Retained earnings 2,833,480 January 1 December 31 ~; 3.054.108 See accompanying notes to financial statements. 94 VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Administration Contractual professional services . $ 3,500 $ 1,213 Printing, binding, and publications 100 59 Postage 300 100 Office supplies 150 Computer supplies 1,000 Administrative charges - General Fund 38,371 38,371 Equipment replacement 16,457 Equipment repairs and fuel 16,569 26,358 Insurance 13,370 13~370 Total administration 89,817 79,471 Operations Pumping Station Regular salaries 12,597 7,147 Overtime salaries 3,261 2,624 Temporary salaries 365 161 Power and light 2,000 1,892 Maintenance of equipment 2,000 270 Operational materials and supplies 1~200 Total Pumping Station 21,423 12,094 Collection system Regular salaries 81,315 64,558 Overtime salaries 5,132 4,553 Temporary salaries 9,223 2,993 Contractual professional services 3,000 11 Maintenance of buildings 12,000 23,007 Rentals 380 360 Maintenance materials 2,500 1,550 Operational materials and supplies 10,000 16,194 Machinery and equipment 40,800 38,212 System improvements 533,728 507,846 698,078 659,284 Less nonoperating expenses Fixed assets capitalized 387~070 387,070 Total collection system 311~008 272,214 Sump Pump Inspection Regular salaries 1,000 9,871 Overtime salaries 1,246 Temporary salaries ~5.OflO 2,6~7 Total sump pump inspection 36.0('aq 13.754 Total operating expenses $ 458,248 $ 377,533 95 VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 Budget Actual Operating revenues Charges for services Meter fees $ 18,500 $ 15,477 Parking decals 85,000 79,9t9 Miscellaneous 11,400 7,803 Total operating revenues 114,900 103,199 Operating expenses Administration 30,000 30,000 Operations 80,262 98,286 Depreciation 5,252 Total operating expenses 110,262 133,538 Operating income (loss) 4,638 (30,339) Nonoperating revenues Interest income 6,000 3,421 Net income (loss) $ 10,638 (26,918) Retained earrfings January 1 251,494 December 31 $ 224,576 See accompanying notes to financial statements. 97 VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Bud~ Actual Administration Administration - General Fund $ 30,000 $ 30,000 Operations Regular employee salaries 1,000 37,165 Temporary salaries 19,612 8,004 Contractual professional services 8,000 9,838 Printing, binding, and publications 500 Power and light 10,000 11,009 Heating 1,200 690 Postage 700 700 Telephone and telegraph 500 445 Maintenance of buildings 4,250 1,654 Rentals 19,000 16,102 Cleaning/household supplies 1,000 74 Maintenance materials 2,000 185 Small tools and equipment 500 12 Operations materials 10,000 10,408 insurance 2,000 2,000 80,262 98,286 Total operating expenses excluding depreciation $ 110,262 $ 128,286 98 INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the Government. These costs include labor, material, fuel, and fixed overhead of the Government's repair facility. Insurance Fund - The Insurance Fund is used to account for the financial activity of the Government's entire insurance program. In addition to conventional primary insurance, Glenview is a member of the High-Level Excess Liability Pool (HELP) which provides excess liability coverage. Also, the Government provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). VILLAGE OF GLENVIEW, ILLINOIS I Internal Service Funds I Combirdng Balance Sheet December 31, 1995 (with comparative totals for 1994) I ! Municipal Totals Equipment 1 Repair ]psurance 1995 1994 ASSETS I Current assets Cash and investments $ 95,044 $ 1,659,121 $ 1,754,165 $ 1,567,881 Receivables - accounts 7,949 208,4~4 216,393 8,365 I Due from other funds 11,774 8,079 19,853 Deposits 217,709 217,709 35,560 413,356 Prepaid expenses - 1 Total assets $ 114,767 $ 2,093,353 $ 2,208,120 $ 2,025,162 LIABILITIES AND I RETAINED EARNING S Current liabilities 1 Accounts payable $ 26,503 $ $ 26,503 $ 137.110 137.110 193.783 Claims payable 193,783 Total liabilities 26,503 137,110 163,613 Retained earnings 88,264 1,956,243 2,044,507 __ 1,831,379 I Total liabilities and I retained earnings $ 114,767 $ 2,093,353_ $ 2,208,120 $ 2,025,162 I 1 I I I See accompanying notes to financial statements. I 100 I VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1995 (with comparative totals for 1994) Municipal Equipment Totals Repair Insurance 1995 1994 Operating revenues Charges f or services $ 581,500 $ 2,503,723 $ 3,085,223 $ 2,801,14~ Miscellaneous 58,361 137,312 195,673 194,157 Total operating revenues 639,861 2,641,035 3,280,896 2,995,300 Operating expenses Operations 638,117 2,490,291 3,128,408 2,889,365 Operating income (loss) 1,744 t50,744 152,488 105,935 Nonoperating revenues Interest Income 3,297 62,843 66,140 52,049 Net Income (loss) before operating transfers 5,~41 213,587 218,628 157,984 Operating transfers (out) Capital Equipment Replacement (5,500) (5,500) (5,500) Fund Net Income (loss) (459) 213,587 213,128 152,484 RetaIned earnIngs January 1 88,723 1,742,656 1,831,379 2,254,733 Prior period adjustment (575,838) Adjusted balances 88,723 1,742,656 1,831,379 1,678,895 December31 $ 88,264 $ 1,956,24~3 $ 2,044,507 $ 1,831,379 See accompanying notes to financial statements. 101 VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Cash Flows Year Ended December 31, 1995 (with comparative totals for 1994) Municipal Equipment Totals Repair Insurance 1995 1994 Cash flows from operating activities Operating income $ 1,744 $ 150,744 $ 152,488 $ 105,935 Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities Accounts receivable (3,881) (204,147) (208,028) 186 Deposits (182,149) (182,149) Due from other funds (11,774) (8,079) (19,853) Prepaid expenses 413,356 413,356 (413,356) Accounts payable 26,503 26,503 Claims payable (56,673) (56,673) 12,592 113,052 125,644 (312,735) Cash flows from non-capital financing activities Operating transfer (out) (5.500) (5.500~ (5.500) Cash flows from investing activities Interest on investments 3,297 62,843 66,140 52,049 Net increase (decrease) in cash and cash equivalents 10,389 175,895 186,284 (266,186) Cash and cash equivalents 1 84,655 1,483,226 1,567,881 1,828,567 January December 31 $ 95,044 $1,659,121 $1,754,165 $1,567,881 See accompanying notes to financial statements. 102 VILLAGE OF GLENVIEW, ILLINOIS Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 Budget Ac~t~l Actual Operating revenues Charges for services $ 628,545 $ 581,500 $ 463,513 Miscellaneous 38,600 58,361 39,889 Total operating revenues 667,145 639,861 503,402 Operating expenses Operations 629,287 638,117 595,165 Operating income (loss) 37,858 1,744 (91,763) Nonoperating revenues Interest income 2,000 3,297 1,910 Income (loss) before operating transfers 39,858 5,041 (89,853) Operating transfer (out) Capital Equipment Replacement Fun~ 15,500) /5,500) (5,500) Net income (loss) $ 34,358 (459) (95,353) Retained earnings January 1 88,723 184,076 December 31 $ 88,264 $ 88,723 See accompanying notes to financial statements. 103 VILLAGE OF GLENVIEW, ILLINOIS Municipal Equipment Repair Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1995 Budget Actual Operations Regular salaries $ 205,479 $ 188,702 Overtime salaries 5,623 6,173 Temporary salaries 5,940 14 Longevity pay 2,600 2,600 Contractual professional services 560 Maintenance of equipment 67,200 68,428 Maintenance of buildings 5,000 6,428 Training 850 60 Accident repairs 16,729 Urriform allowance 5,625 3,313 Fuel 170,000 169,609 Motor vehicle supplies 44,000 41,096 Cleaning and household supplies 3,500 3,999 Maintenance materials - equipment 95,000 111,510 Maintenance materials - buildings 5,000 6,956 Small tools and equipment 4,000 4,607 Equipment repairs 2,810 Machinery and equipment 6,100 7,893 Total operations $ 629,287 $ 638,117 104 VILLAGE OF GLENVIEW Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 Budget Actual Actual Operating revenues Charges for services Property taxes Glenbrook Fire Protection Dist. $ 100,000 $ 63,067 $ 48,000 Fund charges 2,345,267 2.440.656 2.289.630 2,445,267 2~503.723 2.337.630 Miscellaneous Insurance Premium Retirees 172,269 132,838 138,814 Returned Premiums 5,000 3,758 3,880 Insurance Recoveries 10,000 716 11,574 187,269 137,312 154,268 Total operating revenues 2,632,536 2,641,035 2,491,898 Operating expenses Operations Health insurance 1,940,520 1,638,749 1,540,387 Dental insurance 68,250 68,839 68,000 Excess liability 70,000 65,285 60,627 Social worker 1,600 liability Retention fund 175,000 General insurance program 435,000 703,683 448,360 PTM policy 11,500 11,500 Claims settlement 5,000 2,235 1,826 2,531,870 2,490,291 2,294,200 Operating income 100,666 150,744 197,698 Nonoperating revenues Interest income 34,000 62,843 50,139 Net income $ 134,666 213,587 247,837 Retained earnings January 1 - as restated 1,742,656 2,070,657 Prior period adjustments (575,838) Adjusted balances ,742,656 ,494,81 1 1 9 December 31 $ 1,956,243 $ 1,742,656 See accompanying notes to financial statements. 105 TRUST AND AGENCY FUNDS Expendable Trust Escrow Deposit Fund - The Escrow Fund is used to account for the funds placed on deposit with the Government by building contractors working within the Government's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - The Deposit Fund is used to account for money on deposit with the Government being held on a temporary basis, such as security deposits for use of the Government's equipment. Police Department Special Account Fund - The Police Department Special Account Fund is used to account for funds received from the Cook County Clerk of the Circuit Courts' office to be used in various types of investigations. Pension Trust Police Pension Fund - The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Dep~ment. Firefighters' Pension Fund - The Firefighters' Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Depa~tuient. Agency Deferred Compensation Plan Fund - The Deferred Compensation Fund is used to account for salary deductions held by the government employees. The deferred compensation is available to employees upon termination or retirement. Special Service Areas Fund - This fund accounts for various special service area bond issues. VILLAGE OF GLENVIEW, ILLINOIS Expendable Trust Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Year Ended December 31, 1995 (with comparative totals for 1994) Police Department Escrow Special Totals Deposit Deposit Account 1995 1994 Revenues Fines and forfeits $ $ $ 8,514 $ 8,514 $ 7,387 Interest 249,522 1,868 430 251,820 144,165 Miscellaneous Other 3,747 3,747 12,957 Total revenues 249,522 5,615 8,944 264,081 164,509 Expenditures General government 4,639 4,639 4,554 Public safety 14,829 14,829 3,107 Total expenditures 4,639 14,829 19,468 7,661 Excess (deficiency) of revenues over expenditures 249,522 976 (5,885) 244,613 156,848 Other financIng (uses) Operating transfers (out) General Fund (249,522) (249,.522.) (142,414) Excess of revenues over expenditures and other financing uses 976 (5,885) (4,909) 14,434 Fund balances January 1 19,921 21,914 41,835 27,401 December31 $ $ 20,897 $ 16,029 $ 36,926 $ 41,835 See accompanying notes to financial statements. 107 VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year Ended December 31, 1995 (with comparative totals for 1994) Police Firefighters' Totals I~onsion ponsion 1995 1994 Operating revenues Taxes 364,402 $ 226,743 $ 591,145 $ 558,159 Contributions - employees 288,823 334,703 623,526 540,891 Interest 1,159,970 1,880,842 3,040,812 2,937,593 Miscellaneous Gain on sale of investments 1,014.659 1,014.659 Total operating revenues 1,813,195 3,456,947 5,270,142 4,036~643 Operating expenses Pensions and refunds 586,603 602,903 1,189,506 1,012,720 Miscellaneous Other 3,713 2,945 6,658 10t054 Total operating expenses 590,316 605,848 1,196,164 1,022,774 Income before operating transfers 1,222,879 2,851,099 4,073,978 3,013,869 Operating transfers in General Fund 32~037 41~007 73,044 69t504 Net income 1,254~916 2,892~106 4,147~022. 3~083,373 Fund balances January 1 14,823,582 26,921,541 41,745,123 39,171,004 Prior period adjustments (509r334) Adiusted balances 14,823,582 26,921~541 41,745,123 38t661~750 December 31 $16,078,498 $ 29,813,647 $ 45,892,145 $ 41,745,123 See accompanying notes to financial statements. 108 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 Budget Actuol Operating revenues Taxes Property taxes - current $ 349,352 $ 364,402 Contributions - employees 307,190 288,823 Interest 1,140,000 1,159,970 Total operating revenues 1,796,542 1,813,195 Operating expenses Pensions and refunds 574,227 586,603 Miscellaneous Contractual professional services 5,700 3,713 Total operating expenses 579,927 590,316 Income before operating transfers 1,216,615 1,222,879 Operating transfers in General Fund 32,037 32,037 Net income $ 1,248,652 1,254,916 Fund balance January 1 14,823,582 December 31 $ 16,078,498 See accompanying notes to financial statements. 109 VILLAGE OF GLEN'VIEW, ILLINOIS Firefighters' Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 1995 1994 Budget Actual Actual Operating revenues Taxes Property taxes - current $ 162,710 $ 196,866 $ 166,218 Foreign fire insurance tax 35,000 29,877 38,176 Contributions - employees 325,067 334,703 269,182 Interest 760,000 1,880,842 1,861,557 Miscellaneous Gain on sale of Investments 1,014,659 Total operatIng revenues 1,282,777 3,456,947 2,335,133 OperatIng expenses Pensions and refunds 559,723 602,903 484,640 Miscellaneous Contractual professional services 8,000 2,945 5,121 Total operating expenses 567,723 605,848 489,761 Income before operating transfers 715,054 2,851,099 1,845,372 OperatIng transfers in General Fund 41,007 41,007 39,669 Net Income $ 756,061 2,892,106 1,885,041 Fund balance 26,921,541 25,545,834 January 1 (509,334) Prior period adjustment 26,921,541 25,036,50~ Adjusted balance December 31 $ 29,813,647 $ 26,921,541 See accompanying notes to financial statements. 110 I VILLAGE OF GLENVIEW, ILLINOIS I Agency Funds Combining Statement of Changes in Assets and Liabilities I Year Ended December 31, 1995 I Balances Balances lanuary 1 Additions Deductions December 31 I All Funds ASSETS I Assets held by agents for deferred compensation plan (marketvatue) $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790 I Receivables - property taxes 164,130 1,535 162,595 Due from other funds 357 1,125 1,482 Total assets $ 9,544,757 :~$ 2,537,784 $ 261,674 $11,820,867 I LIABILITIES Due to participants 9,380,270 2,536,659 260,139 11,656,790 i Due to bondholders 164,487 1,125 1,535 164,077 Total liabilities $ 9,544,757 $ 2,537,784 $ 261,674 $11,820,867 Deferred Compensation I Plan Fund ASSETS I Assets held by agents for deferred compensation plan (market value) $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790 I LIABILITIES Due to participants $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790 I Special Service Areas Fund I ASSETS Receivables - property taxes $ 164,130 $ $ 1,535 $ 162,595 Due from other funds 357 1,125 1,482 I $ 164,487 $ 1,125 $ 1,535 $ 164,077 LIABILITIES I Due to bondholders $ 164,487 $ 1,125 $ 1,535 $ 164,077 ! I See accompanying notes to financial statements. 111 I VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1995 (with comparative totals for 1994) 1995 1994 General fixed assets Land $ 3,405,095 $ 3,405,095 Buildings and improvements 9,329,007 7,861,054 Equipment 7,624,588 7,019,354 Furniture 296,096 296,096 Office equipment 328,841 328,841 $ 20,983,627 $ 18,910,44~0 Investment in general fixed assets General revenues $ 17,184,348 $ 15,111,161 Bond issues 3,799,279 3,799,279 $ 20,983,627 $ 18,910,440 112 VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function and Activity Year Ended December 31, 1995 Ftmcfion and Balances Balances Activity lanuary 1 Additions Retirements December 31 General government Executive $ 57,716 $ $ $ 57,716 Administrative 2,435,004 10,965 2,445,969 Finance 684,128 684,128 Building and grounds 320,343 320,343 Total general government 3,497,191 10,965 3,508,156 Public safety Police 3,501,073 254,776 14,219 3,741,630 Fire 2,772,232 262,955 260,200 2,774,987 Total public safety 6,273,305 517,731 274,419 6,516,617 Public works Administration 2,064,783 155,774 45,594 2,174,963 Building division 859,049 1,477,669 2,336,718 Engineering 348,125 348,125 Street division 5,028,485 152,986 5,181,471 Equipment and supplies division 839,502 53,900 893,402 Total public works 9,139,944 1,840,329 45,594 10,934,679 Economic development 24,175 24,175 $18,910,440 $ 2,393,200 $ 320,013 $ 20,983,627 114 COMPONENT UNIT Component Unit (Library Fund) - The Library Fund is used to account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Combining Balance Sheet December 31, 1995 (with comparalive totals for 1994) General Fixed Asset Account TotaLs General Fund ~ 1995 1994 ASSETS Cash andinvestments $ 1,343,953 $ $ 1,343,953 $ 1,149,027 Receivables Property taxes 2,957,847 2,957,847 2,989,167 Accrued interest 2,577 2,577 2,056 General fixed assets 5,500,500 5,500,500 5,318,543 Total assets $ 4,304,377 $ 5,500,500 $ 9,804,877 $ 9,458,793 LIABILITIES AND FUND EQUITY Liabilities Accrued payroll $ 22,729 $ $ 22,729 $ 25,663 Deferred revenues 2,957,847 2,957,847 2,989,167 Total liabilities 2,980,576 2,980,576 3,014,830 Fund equity Investment in general fixed assets 5,500,500 5,500,500 5,318,543 Fund balance Unreserved 1,323,801 1,323,801 1,125,420 1,323,801 5,500,500 6,824,301 6,443,963 Total liabilities and fund equity $ 4,304,377 $ 5,500,500 $ 9,804,877 $ 9,458,793 See accompanying notes to financial statements. 116 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1995 and Actual Only for 1994 1995 1994 Budget Actual Actual Revenues Taxes Property taxes-current $ 2,961,327 $ 2,966,376 $ 2,801,460 Replacement taxes 33,000 38,419 32,458 Intergovemmental capita grant 47,591 47,599 Per Charges for services 67,500 51,691 56,706 Fines and forfeits 64,000 66,219 75,898 Interest 19,000 42,258 31,591 Miscellaneous Donations - 33,367 36,688 Other - 4,463 6,191 Total revenues 3,192,418 3,250,392 3,040,992 Expenditures Culture and recreation 2,851,473 2,630,473 2,450,588 Excess of revenues over expenditures 340,945 619,919 590,404 Other financing (uses) Operating transfers (out) - primary government Library Bond Series of 1984 Fund (382,663) Corporate Purpose Bond Series of 1991 Fund (356,538) (356,538) Capital Projects Fund (65,000) (65,000) (65,000) (421,538) (421,538) (447,663) Excess (deficiency) of revenues over expenditures and other financing uses $ (80.593) 198,381 142,741 Fund balance January 1 1,125,420 982,679 December 31 See accompanying notes to financial statements. 117 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1995 Actual Culture and recreation Regular salaries $ 802,854 $ 726,194 Overtime salaries 2,000 871 Temporary salaries 678,561 681,635 Legal fees 1,500 798 Public information 11,700 10,739 Printing 6,065 4,165 Printing, binding, and publication 9,000 6,904 Power and lights 700 524 Heating 5,000 492 Postage 16,700 14,605 Telephone and telegraph 11,514 12,584 Dues and subscriptions 4,175 2,804 Maintenance of equipment 14,296 7,668 Maintenance of copiers 15,543 7,389 Maintenance of EDP equipment 31,900 28,681 On-line searching 6,400 8,948 Maintenance of buildings 41,908 52,171 Travel expense 11,735 4,259 Training 19,535 9,258 Trustee expense 2,500 1,694 Personnel recruitment 2,750 1,101 Director expenses 1,000 790 Library programs 16,013 16,676 19,210 12,847 Office supplies Processing supplies 26,127 20,842 Circulation supplies 5,611 6,273 Audio visual supplies 4,950 4,087 Books, pamphlets, and materials 469,373 376,105 Periodicals 45,093 37,155 Audiovisual 49,970 47,110 Micro-form 25,670 23,282 Video tapes 29,600 27,525 Cataloging 40,700 29,815 Cleaning supplies 100 49 Contingencies 1,000 898 900 1,063 Other operating expenses Machinery and equipment 82,668 105,320 185,852 185,852 Administrative support Insurance 151,300 151,300 Total expenditures $ 2,851,473 $ 2,630,473 118 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1995 (with comparative totals for 1994) 1995 1994 General fixed assets Land $ 500,000 $ 500,000 Buildings and improvements 4,116,088 4,103,826 Equipment 607,024 437,329 Furniture 277,388 277.388 $ 5,500,50.~0 $ 5,318,54~3 Investment in general fixed assets General revenues $ 2,400,500 $ 2,218,543 Bond issues 3,100,000 3,100,000 $ 5,500,500 $ 5,318,5 119 VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Analysis of Funding Progress December 31, 1995 (6) (1) Unfunded Net Pension Assets Benefit Available Obligation for (4) as a Benefits (2) (3) Unfunded (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payroll Year Market) Obligation (1) + (2) Obligation Payroll (4) + (51 1987 $ 2,930,396 $ 4,635,234 63.22% $ 1,704,838 $ 3,705,506 46.01% 1988 2,933,046 5,050,499 58.07 2,117,453 4,005,547 52.86 1989 3,527,092 5,869,171 60.10 2,342,079 4,426,475 52.91 1990 3,988,712 6,849,865 58.23 2,861,153 4,924,658 58.10 1991 5,079,052 7,308,562 69.49 2,229,510 5,362,109 41.58 1992 6,254,345 8,279,322 75.54 2,024,977 5,795,158 34.94 1993 7,161,743 9,128,558 78.45 1,966,815 6,142,697 32.02 1994 8,099,395 10,032,939 79.83 2,023,544 6,563,029 30.83 1995 10,863,388 11,630,135 93.41 766,747 6,977,866 10.99 (During the implementation transition period all irfformation required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfi.mded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PEPS. 120 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1995 (6) Urffunded (Assets in Excess of) (1) Pension Net Benefit Assets (4) Available Unfunded Obligation for (Assets in as a Benefits (2) (3) Excess of) (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payroll Year .Market) ~ O) + (2) Obligation ~Payroll (4) + (52 1987 $ 8,223,642 $ 7,999,650 102.80% $ (223,992) $ 2,040,100 (10.98)% 1988 8,949,779 7,920,498 113.00 (1,029,281) 2,089,055 (49.27) 1989 10,095,845 8,550,352 118.08 (1,545,493) 2,282,311 (67.72) 1990 10,093,O95 8,915,058 113.21 (1,178,037) 2,373,700 (49.63) 1991 10,791,415 9,883,148 109.19 (908,267) 2,868,564 (31.66) 1992 11,693,308 10,795,402 10832 (897,906) 2,721,721 (32.99) 1993 12,603,771 12,780,370 98.62 176,599 2,890,155 6.11 1994 13,625,250 13,983,709 97.44 358,459 3,018,989 11.87 1995 14,823,582 15,119,055 98.05 295,473 3,209,144 9.21 (During the implementation transition period, all information required is presented for as many years as are available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PERS. 121 VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1995 (6) Unfunded (Assets in (1) Excess o0 Net Pension Assets (4) Benefit Available Unfunded Obligation for (Assets in as a Benefits (2) (3) Excess of) (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payroll Year Market) Obligation (1) + (2) Obligation Payr911 (4) + (5) 1987 $ 7,114,349 $ 5,993,554 118.70% $ (1,120,795) $ 1,285,510 (87.19)% 1988 7,770,501 5,891,304 131.90 (1,879,197) 1,304,443 (144.06) 1989 8,631,747 5,618,758 153.62 (3,012,989) 1,513,600 (199.06) 1990 8,628,996 6,154,764 140.20 (2,474,232) 1,638,158 (151.04) 1991 9,403,703 6,882,157 136,64 (2,521,546) 2,001,064 (126,01) 1992 10,532,848 7,643,219 137.81 (2,889,629) 2,481,233 (116.46) 1993 20,918,004 15,890,316 131.64 (5,027,688) 3,733,309 (134.67) 1994 25,036,500 18,064,023 138.60 (6,972,477) 3,262,812 (213.70) 1995 26,921,541 19,861,135 135.55 (7,060,406) 4,057,006 (174.03) (During the implementation transition period, all information required is presented for as many years as are available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PEPS. VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Revenues by Source December 31, 1995 Employer Contributions as a Revenues by Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income Totals Payroll 1986 $ 152,811 $ 245,516 N/A $ 398,327 ****% 1987 166,751 259,384 N/A 426,135 7.00 1988 180,252 280,388 N/A 460,640 7.00 1989 199,196 399,710 N/A 598,906 9.03 1990 221,613 521,029 N/A 742,641 10.58 1991 241,298 613,961 N / A 855,259 11.45 1992 260,785 678,613 N/A 939,398 11.71 1993 276,421 640,070 N/A 916,491 14.92 1994 295,336 683,868 N/A 979,204 10.42 1995 314,004 692,205 N/A 1,006,209 9.92 N/A - Not applicable **** Not available VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1995 Employer Contributions as a Percentage as a Revenues by Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income Totals Payroll 1986 $ 155,785 $ 530,381 $ 835,810 $ 1,521,976 28.09% 1987 173,746 474,199 805,820 1,453,765 23.24 1988 188,015 471,902 651,546 1,311,463 22.59 1989 205,408 152,076 1,159,038 1,516,522 6.60 1990 213,633 952 868,525 1,082,158 0.04 1991 234,979 26,039 1,070,563 1,331,581 0.90 1992 244,982 26,938 1,096,400 1,368,320 0.99 1993 260,114 247,148 1,070,563 1,577,825 8.56 1994 271,709 383,600 1,076,036 1,731,345 12.71 1995 288,823 396,439 1,159,970 1,845,732 12.35 Expenses by Type Fiscal Administrative Refunds Year Benefits Expenses and Other Totals 1986 $ 290,240 $ 15,203 $ $ 305,443 1987 305,476 4,384 11,312 321,172 1988 330,573 1,002 112,980 444,555 1989 364,756 5,185 369,941 1990 404,054 5,402 409,456 1991 418,578 4,692 6,413 429,683 1992 453,894 3,963 457,857 1993 485,743 4,672 490,415 1994 528,080 4,933 533,013 1995 572,846 3,713 13,757 590,316 124 VILLAGE OF GLENVIEW, ILLINOIS I Firefighters' Pension Fund I Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1995 m Employer Contributions as a m Percentage as a l Revenues by Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income Totals Payroll m 1986 $ 98,923 $ 342,227 $ 772,208 $ 1,213,358 26.81% 1987 111,604 290,435 843,509 1,245,548 22.59 I 1988 120,661 288,177 532,880 941,718 22.09 1989 124,872 39,040 824,334 988,246 5.90 1990 135,148 28,441 742,209 905,798 1.75 I 1991 145,147 47,393 1,088,346 1,280,886 2.37 1992 204,701 63,262 1,453,667 1,721,630 2.55 1993 307,998 109,670 4,071,581 4,489,249 2.94 I 1994 269,182 244,063 1,861,557 2,374,802 7.48 1995 334,703 267,750 2,895,501 3,497,954 6.60 I Expenses by Type Fiscal Administrative Refunds m Year Benefits Expenses and Other Totals 1986 $ 93,919 $ 625 $ - $ 94,544 I 1987 94,748 858 32,813 128,419 1988 93,679 808 19,551 114,038 1989 142,093 2,900 144,993 1990 144,519 4,137 148,656 1991 146,210 5,532 151,742 1992 180,815 3,069 183,884 I 1993 349,510 21,243 370,753 1994 447,033 5,121 37,607 489,761 1995 602,903 2,945 605,848 I 1 I 125 m VILLAGE OF GLENVIEW, ILLINOIS Combined Schedule of Cash and Investments December 31, 1995 (See Following Page) · VILLAGE OF GLENVIEW, ILLINOIS Schedule of Insurance in Force · December 31, 1995 I Expiration Insurance Insured Description of Coverage Date of Policy Company Village of Glenview London Package 12/31/95 Lloyd's of London Companies Property $ 1,000,000 1 Auto Physical Damage 1,000,000 General Liability General Aggregate 1,000,(300 · Products/Completed Operations 1,000,000 Personal/Advertising Injury 1,000,000 Each Occurrence 1,000,000 · Medical Expense 10,000 Employee Benefits 5~30,000 Police Professional 1,000,~00 Errors and Omissions 1,000,000 Auto Liability 1,000,000 Medical Payments 10,0(30 · Workers' Compensation Coverage A Statutory Coverage B 300,000 Crime I Forgery/Alt. 100,000 Counterfeit Papers 100,000 12/31/95 Safety National Excess Workers' Compensation Coverage A Statutory Coverage B 500,000 Excess Property I Excess of Lloyd's Property 36,171,519 12/31/95 Travelers Boiler & M~chinery 30,000,000 12/31/95 Kemper Crime I Primary Public Employee Dishonesty 250,000 12/31/95 Kemper Treasurers' Bond 1,000,000 04/13/96 Kemper · Library Treasurers' Bond 1,000,0(30 04/19/96 Kemper Drop Down 1,000,000 12/31/95 Lloyd's of London Companies l Excess Liability 10,000,000 4/30/98 High Level Excess Liability Pool The Government provides certain health and medical benefits to its employees through membership in IPBC. I I 128 ! VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1977 December 31, 1995 Date of Issue July 1, 1977 Date of Maturity January 1, 1998 Authorized Issue $4,525,000 Denomination of Bonds $5,000 Interest Rates Bonds 1 to 235 6.00%% Bonds 236 to 320 4.60% Bonds 321 to 365 4.80% Bonds 416 to 465 4.90% Bonds 466 to 905 5.00% Interest Dates January 1 and July 1 Principal Maturity Date January 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond ............. Tax Levy. .............................. Interest Due on ............ Year Numbers Principal Interest Totals |uly 1 Amount lan. 1 Amount 1996 761-830 $ 350,000 $ 36,250 $ 386,250 1996 $ 18,125 1997 $ 18,125 1997 831-905 375.000 18,750 393,750 1997 9,375 1998 9,375 ~ ~ 55.000 $ 780.000 ~ 27.500 ~ Note: The principal and interest will be paid by Waterworks Fund. 129 VILLAGE OF GLENVIEW, ILLINOIS I Long-Term Debt Requirements I Corporate Purpose Bond Series of 1989 December 31, 1995 1 Date of Issue July 1, 1989 I Date of Maturity December 1, 2004 Authorized Issue $8,000,000 * I Denomination of Bonds $5,000 Interest Rates 1989-1991 6.10% 1992-1993 6.20% 1994-1995 6.25% 1996-1997 6.30% * 1998-1999 6.40% * 2000-2001 6.50% * I 2002-2004 6.60% * Interest Dates June 1 and December 1 I Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax 1 Fiscal Levy Bond ............. Tax Levy ........................ Interest Due on ............ Year Year Numbers Principal interes~t Totals Iune 1 Amount Dec. 1 Amoun! 1996 1995 0481-0595 5 575.000 $ 36226 ~(~LL22~ 1996 ,~ 18.113 1996 ~' 18'113 I ! I · Bond principal and interest payments for the period June 1, 1997 through December 1, 2004 I were refunded by the Corporate Purpose Refunding Bond Series of 1994. I 1 130 I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1990 December 31, 1995 Date of Issue May 1, 1990 Date of Maturity December 1, 2002 Authorized Issue $4,500,000 * Denomination of Bonds $5,000 Interest Rates 1991 6.10% 1992 6.25% 1993 6.40% 1994 6.45% 1995 6.60% 1996 6.70% 1997 6.80% 1998 6.85% * 1999-2002 6.90% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable American National Bank and at Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond ............. Tax Levy ............. Interest Due on ........... Y~r Year Numbers Principal Inter~st Totals lune 1 Amount Dec. 1 Amount 1996 1995 286-355 $ 375,000 $ 54,025 $ 429,025 1996 $ 27,013 1996 $ 27,012 1997 1996 356-430 425,000 28.900 453.9{X) 1997 14.450 1997 14.450 · Bond principal and interest payments for the period June 1, 1998 through December 1, 2002 were refunded by the Corporate Purpose Refunding Bond Series of 1994. 131 · VILLAGE OF GLENVIEW, ILLINOIS I Long-Term Debt Requirements I Corporate Purpose Bond Series of 1991 December 31, 1995 1 Date of Issue December 1, 1991 I Date of Maturity December 1, 1999 Authorized Issue $4,165,000 · Denomination of Bonds $5,000 Interest Rates 1991-1992 4.40% 1992-1993 4.50% I 1993-1994 4.70% 1994-1995 4.70% 1995-1996 4.90% I 1996-1997 5,00% 1997-1998 5.00% 1998-1999 5.10% i Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I ! Tax Fiscal Levy Bond .............. Tax Levg ................................ Inter~t Due on .............. Year Year Numbers Princir>al Interest Totals Tune 1 Amount Dec. 1 Amount I · 1996 1995 390-532 $ 715,000 $ 110,670 $ 825,670 1996 $ 55,335 1996 $ 55,335 1997 1996 533-666 670,000 75,635 745,635 1997 37,818 1997 37,817 1997 667-756 450,000 42,135 492,135 1998 21,067 1998 21,068 I 1998 1999 1998 757-833 385,000 19,635 404,635 1999 9~817 1999 9~818 15 2.220.000 ~ ~ 2.468.075 $ 124.037 I I Note: The above bond issue is to be retired annually by the Waterworks Fund (79%) and the I Library Fund (21%). The bonds payable are: $1,753,800 by Waterworks Fund and $466,200 by the Corporate Purpose Bond Series of 1991 Fund. I I 132 I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1992 December 31, 1995 of Issue April 1, 1992 Date Date of Maturity December 1, 2012 Authorized Issue $2,895,000 Denomination of Bonds $5,000 Interest Rates 1994 4.30% 2002 6.10% 1995 4.75% 2003 6.20% 1996 5.10% 2004 6.30% 1997 5.25% 2005 6.40% 1998 5.50% 2006 6.50% 1999 5.75% 2007-2008 6.55% 2000 5.90% 2009-2012 6.60% 2001 6.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond ...................Tax Levy ................................. Inter~st Due on ............... Year Year Numbers Principa[ Interest Totals Iune 1 Amount Dec. 1 Amount .1996 1995 039-057 $ 95,000 $ 169,718 $ 264,718 1996 $ 84,859 1996 $ 84,859 1997 1996 058-077 100,000 164,874 264,874 1997 82,437 1997 82,437 1998 1997 078,098 105,000 159,624 264,624 1998 79,812 1998 79,812 1999 1998 099-120 110,000 153,848 263,848 1999 76,924 1999 76,924 2000 1999 121-144 120,000 147,524 267,524 2000 73,762 2000 73,762 2001 2000 145-169 125,000 140,444 265,444 2001 70,222 2001 70,222 2002 2001 170-195 130,000 132,944 262,944 2002 66,472 2002 66,472 2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507 2004 2003 225-254 150,000 116,024 266,024 2004 58,012 2004 58,012 2005 2004 255-286 160,000 106,574 266,574 2005 53,287 2005 53,287 2006 2005 287-320 170,000 96,334 266,334 2006 48,167 2006 48,167 2007 2006 321-366 180,000 85,284 265,284 2007 42,642 2007 42,642 2008 2007 367-395 195,000 73,490 268,490 2008 36,745 2008 36,745 2009 2008 396-437 210,000 60,720 270,720 2009 30,360 2009 30,360 2010 2009 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430 2011 2010 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170 2012 2011 529-579 255,000 16,830 271,830 2012 8,415 2012 8,415 ~; 5.705.000 ,~ 1,1g~8.4~16$ 4.533.446 .~ 9~4223 The above bond issue is to be retired annually by Wholesale Water Fund. Note: 133 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1993 December 31, 1995 1 Date of Issue May 1, 1993 I Date of Maturity December 1, 2005 Authorized Issue $7,635,000 Denomination of Bonds $5,000 Interest Rates 1994 4.60% 2000 4.60% 1995 4.60% 2001 4.60% 1996 4.60% 2002 4.60% 1997 4.60% 2003 4.60% 1998 4.60% 2004 4.60% 1999 4.60% 2005 4.70% 1 Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax I Fiscal Levy Bond ............... Tax Levy .................................... _Interest Due on ............. Year Year Numbers Principal Interest Totals Iune 1 Amount Dec. 1 Amount 1996 1995 039-057 $ 215,000 $ 343,126 $ 558,126 1996 $ 171,563 1996 $ 171,563 333,236 623,236 1997 166,618 1997 166,618 1 1997 1996 058.-077 290,000 1998 1997 078-098 570,000 319,896 889,896 1998 159,948 1998 159,948 1999 1998 099-120 590,000 293,676 883,676 1999 146,838 1999 146,838 2~00 1999 121-144 610,000 266,536 '876,536 20(30 133,268 20(30 133,268 · 2001 2000 145-169 700,000 238,476 938,476 2001 119,238 2001 119,238 2002 2001 170-195 790,000 206,276 996,276 2002 103,138 2002 103,138 2(303 2002 196-224 1,125,000 169,936 1,294,936 2003 84,968 2003 84,968 2004 2003 225-254 1,195,000 118,186 1,313,186 2(304 59,093 2004 59,093 I 2005 2004 255-286 1,345,(300 63,216 1,408,216 2005 31,608 2005 31,608 $ 7.430.000 ~ Z35Z560 ~ 9,78Z560 ~ $ 1.176.280 ! ! ! 1 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1994 December 31, 1995 Date of Issue September 15, 1994 Date of Maturity December 1, 2004 Authorized Issue $8,040,000 Denomination of Bonds 55,000 Interest Rates 1994 4.00% 2000 4.85% 1995-1997 4.40% 2001 4.90% 1998 4.60% 2002 5.00% 1999 4.75% 2003-2004 5.10% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond ................. Tax Levy_ ................................ Interest Due on ............... Year Year Numbers Principal Interest Totals |~xne 1 Amount Dec. 1 Amount 1996 1995 0021-0036 $ 90,000 $ 382,770 $ 472,770 1996 $ 191,385 1996 $ 191,385 1997 1996 0037-0174 690,000 378,810 1,068,810 1997 189,405 1997 189,405 1998 1997 0175-0406 1,160,000 348,450 1,508,450 1998 174,225 1998 174,225 1999 1998 0407-0649 1,215,000 295,090 1,510,090 1999 147,545 1999 147,545 2000 1999 0650-0904 1,275,000 237,378 1,512,378 2000 118,689 2000 118,689 2001 2000 0905-1135 1,155,000 175,540 1,330,540 2001 87,770 2(301 87,770 2002 2001 1136-1367 1,160,000 118,945 1,278,945 2002 58,472 2002 59,473 2003 2002 1368-1485 590,000 60,945 650,945 2003 30,472 2003 30,473 2004 2003 1486-1608 605,000 30,855 635,855 2004 15.427 2004 15,428 5; 7.940.0G0 5; 2.028.783 ~, 9.968.783 $ 1.014.390 5; 1.014.383 135 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1995 December 31, 1995 Date of Issue October 17, 1995 Date of Maturity December 1, 2000 Authorized Issue $500,000 Denomination of Bonds $5,000 Interest Rates 1996 3.55% 1999 4.10% 1997 3.80% 2000 4.20% 1998 4.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond ................. Tax Levy ........................... Interest Due on ........... Year Y~or ~ ~ lnteres~ Totals lunel Amount Dec. 1 Amount 1996 1995 1-20 $ 100,000 $ 22,926 $ 122,926 1996 $ 11,463 1996 $ 11,463 1997 1996 21-40 100,000 16,100 116,100 1997 8,050 1997 8,050 1998 1997 41-60 100,000 12,300 112,300 1998 6,150 1998 5,150 1999 1998 61-80 100,000 8,300 108,300 1999 4,150 1999 4,150 2000 1999 81-100 ~00.000 4.200 104200 2000 ~ 2000 ~ F-cliO.000 ~ ~ ~ 31.913 136 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements General Obligation Bond Anticipation Bond Series of 1995 December 31, 1995 Date of Issue January 15, 1995 Date of Maturity December 1, 1999 Authorized Issue $60,000,000 Denomination of Bonds $5,000 Interest Rates 1996 6.25% 1998 5.50% 1997 5.40% 1999 5.55% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS l;iscal Levy Bond Tax Levy Interest Due on Year Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1996 1995 1-1,500 $ 7,500,000 $ 5,351,250 $ 10,851,250 1996 $ 1,675,625 1996 $ 1,675,625 1997 1996 1,501-4,500 15,000,000 2,882,500 17,882,500 1997 1,441,250 1997 1,441,250 1998 1997 4,501-8,000 17,500,000 2,072,500 19,572,500 1998 1,036,250 1998 1,036,250 1999 1998 8,001-12,000 20,000,000 1,110,000 21,110,0~30 1999 555,0~0 1999 555,000 137 VILLAGE OF GLENVIEW, ILLINOIS Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years December 31, 1995 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS Schedule of Legal Debt Margin December 31, 1995 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt '~'he General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable fTom ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum...shall not be included in the foregoing percentage amounts." To date the General Assembly has set no IL, nits for home rule municipalities. 144 VILLAGE OF GLENVIEW, ILLINOIS Demographic Statistics Last Ten Fiscal Years December 31, 1995 I Education I Level in Per Per Years of (2) (3) Fiscal (1) Capita Median Formal School Unemployment I Year Population Income Age Schooling Enrollment Percentage 1986 36,375 $ 18,741 33.6 15.7 2,701 4.2% I 1987 36,400 19,490 33.9 15.9 2,794 4.1 1988 36,400 21,429 34.5 16.4 2,963 4.1 I 1989 36,400 22,350 34.7 16.5 3,024 3.5 I 1990 38,437 22,791 34.9 16.4 3,121 3.5 1991 38,437 24,838 35.5 16.6 3,015 4.2 I 1992 38,437 30,531 37.5 16.4 5,887 4.8 1993 38,437 30,531 37.5 16.5 5,937 4.6 1994 38,437 30,531 37.5 16.5 6,023 3.6 1995 38,437 30,531 37.5 16.5 6,084 2.9 I I 1 Data Sources (1) U.S. Department of Commerce, Bureau of the Census, 1990 Census. I (2) Includes elementary and high school students. I (3) Illinois Department of Labor, Illinois Department of Employment Security. I 147 I VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1995 Incorporation June 20, 1899 Council-Manager of Government Geographic Location 20 Miles North of Chicago 13 Square Miles Population 6,142 1950 (1) 18,132 1960 (1) 22,364 1963 1970 (1) 24,880 30,552 1975 32,060 1980 (1) 1984 34,225 1985 34,500 1986 36,375 1987 36,400 36,400 1988 36,400 1989 38,437 1990 (1) 38,437 1991 (1) 38,437 1992 1993 38,437 1994 38,437 1995 38~437 Number of Total Housing Units (1993 Census) 11,399 Median Value Owner-Occupied Noncondominium Housing Units $ 252,640 Distribution of Owner-Occupied Noncondominium Houses by Value Unit Value b~ _Unit Distribution Number Percent Under $100,000 378 4% 100,000 - 199,999 3,359 35 200,000 - 299,999 2,805 29 300,000 or More 3,000 31 9.542 99% The above information from the Bureau of the Census, other years estimated. 149 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1995 Fire Protection Number of Firefighters 79 Number of Stations 3 Number of Fire Hydrants 2,250 I.S.O. Rating Class 3 Police Protection Number of Police Officers 67 Number of School Crossing Guards 19 Number of Stations 1 Library Services Number of Libraries 1 Number of Books 248,252 Number of Records 3,153 Number of Audio Cassettes 7,802 Number of Slides (sets) 330 Number of Video Tapes 5,225 Number of Compact Discs 6,312 Number of Registered Borrowers 32,830 1995 Book Circulation 718,414 Recreation Facilities Number of Parks and Playgrounds 34 Park area in acres - Park District owned 168.25 area acres - Park District leased 125.00 Park Mtmicipal Parking Facilities parking spaces 666 Number of Waterworks Fund Waterworks operations Number of sewer customers served during fiscal year 9,440 Number of metered water customers at December 31, 1995 13,517 Number of unmetered water customers at December 31, 1995 Gallons of water purchased during fiscal year 3,179,690,000 Gallons of water billed during fiscal year 2,979,369,530 Water Storage Capacity Ground Storage 8,500,000 gallons Elevated Storage 1,000,000 gallons 150 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1995 Number of Full Time Employees (on December 31, 1995) 282 Miles of streets maintained by Glenview identified by functional classification: Arterial 5 Collector 106 Residential 12 Cul-De-Sacs Total 130 Miles of streets maintained by Glenview identified by surface type: 92 Asphalt 38 Concrete Total 130 M les of alleys maintained by Glenview 2.2 M les of streets within the Village of '.lenview maintained by Cook County 22 r the State of Illinois 85 Lies of sanitary sewers 74 1~ Lies of storm sewers N anber of Village owned street lights 267 B llding activity 1,363 Number of Permits issued in 1995 $ 42,515,807 Value of Construction authorized in 1995 151 VILLAGE OF GLENVIEW, ILLINOIS Major Corporate Fund Revenue Sources Non - Real Estate Tax December 31, 1995 % of % of % of Sales Total Utility Total Income Total Year Tax .Revenue Tax Revenue Tax Revenue 1985 $ 2,462,183 30.2% $ 1,999,838 24.5% $ 723,008 8.8% 1986 2,815,209 28.7 2,066,996 21.1 804,896 8.2 1987 3,178,578 30.3 2,119,255 20.2 900,124 8.6 1988 3,132,518 30.3 2,202,445 21.3 952,708 9.2 1989 3,425,477 28.8 2,414,772 20.3 1,406,056 11.8 1990 3,287,825 25.6 2,419,761 18.9 1,345,428 10.4 1991 3,358,151 28.5 2,687,159 22.8 1,605,474 13.6 1992 3,608,071 26.7 2,744,525 20.3 1,651,925 12.2 1993 4,188,116 29.4 2,876,149 20.2 1,966,124 13.8 1994 4,438,932 31.52 2,512,867 17.9 2,157,707 15.3 1995 4,843,071 27.36 2,935,696 16.5 2,266,279 12.8 Note: Includes General, Special Revenue and Debt Service Funds, and Component Unit Library Funds. 153 I VILLAGE OF GLENVIEW Cook County, Illinois I ANNUAL FINANCIAL INFORMATION I STATEMENT OF INDEBTEDNESS Amount As Per Cent <=f per Capita I Applicable as of Assessed Estimated (1995 Est. Dec. 31. 1995 Value True Value Poo. 38.100~ Assessed Valuation of Taxable ReaI Property, 1994 ............ $ 931,548,998 I0~00% 3333% $2~45~10 Estimated True Value of Taxable Real Property, 1994 .......... 2,794,64~99~ 30A00% 10~0g'.4 73,3SA31 Direct GeneraJ O~ga~on Bonded Debt(/): i Payable from Properly Taxes .......................... $ 14,975,000 1.6I% .54% $ 393.04 Self-Suppofffing Debt(2) ........... ................... 7.920.000 .85% .28% 2~]7.88 Total Direct Bonded Debt .......................... $ 22,895,000 2_46% .8~'/= $ 600,92 Overlapping Bonded Debt Payable from Prcperiy Taxes(3): Schools ........................................ $ 20,913,812 224% .75% $ 548.92 I O~her Than Sch~:x~ls ................................ 38.056.138 4.09% 1.36% 998.B5 Total Overlapping Bonded Debt ...................... $ 58.969.950 6.33% 2.11% $ 1,547,77 Total Direct and Overlapping Bonded Debt .................... $ 81.864.950 8.79% 2.93% ~ Total Direct and Overlapping Excluding Self-Supporting ....... $ 73,944,950 7.94% 2.65% $ I,~81 I Notes: I, The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is required to seek referendum approval for the issuance of general obligation debt. See "Retirement Schedule of Outstanding Village General Obligation Debt' below for a listing of the V"fllage's non-general obligation debt and currently outstanding general obligation debt. 2 TheVi~agehasch~sen~nthepastt~fundcedeinprojectswithgenera~b~igati~nb~ndsandabatethetaxesthereon~rom~therrevanues~ For i additional detail on the Village's seff-suppoflYng general obliga~bn debt, see table below. 3 See"DetailedOva#appthgBondeqthdebtednessPayabtaFromPreberiyTaxesatDecember31, 1995"below. i RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1) (As of December 31,1995) Princioal Amounts Tax Levies I Self Supporting With Projected Of Bonds Abatement From Water and Sewer Funds(~) Projected Cai- Paid From Series Seriea Series Series Series Series Series Total From endar Properly 1977 1989 1990 1991 1992(4) 1994(5) 1995 Cumul. Levy Property i Year Taxes(3} 1-1(6) 12-1 12-1 12-1 12-1 12-1 t2-1 Amount Percent Year Tm(es 1996 $ 1245,000 $ - 0 - $200,0(X] $ 85,(XX) $ 415,000 $ 95,000 $ 25,000 $100,{~(X) $ 2,165,000 9.5% 1996 $1,975,757 1997 1~:~0,000 350,000 - 0 - 95,000 430,000 100,000 230,000 100,000 2,625,000 20.9>/= 1997 1,972,737 1998 %385,000 375,000 - 0 - 450,(:X]0 105,000 345,000 100,000 2,7c00,000 33.0% 1998 1,964,027 1999 1,440,000 - 0 - 385,000 110,000 365,000 100,000 2,4~0,000 43.5°/= 1999 1,961,512 2001 1,575,000 125,000 280,000 - 0 - 1,980,000 61.3% 2001 1,954,970 20~2 1,645,000 130,000 305,000 2,080,000 70.4% 20~2 1,945,880 2003 1,715,000 145,000 - 0 - 1,860,000 78.5% 2003 1,949,040 i ~004 1,800,000 150,000 1,950,000 87.0% 2004 1,408~215 2005 1 ~345,000 160,000 1,506,000 93.6% 2006 - 0 - 170,000 170,000 94.3°/= 2{~07 180,0~0 180,000 95.1% i 2{~8 195.000 195,000 96.0°/. 2D(29 210,0(~0 210,000 96.9% ~010 220,000 220,000 97.9°/. 2011 235,000 235,000 98.9% 2012 255.000 255.000 100.0% I $14,975,000 $725,000 $200,000 $180,000 $1,680,000 $2,705,000 $1,930,000 $500,000 $22,895,000 Notes: 1. Exc~udes the Vifiage~ 5~73% ~hare ~f a High-Leve~ Excess Liabi~i~y Pon~ (the Agancy) or~7aaized on Ap#~1~ 1987 as a joint saif- insurance pool ~r the purpose ~f sealdng the prevanfion or !eesening of §abfiity claims for inju#es to parsons or property or claims for i erroreandoroissionsmadeagamstMembersandotherparties~thinthescopeof~",eAgency. Therearecun'entiy23rnembereofthe Agency. Not shown ara several industdai development revenue bonds which bonds are fully secured by the benefiting entities. Also excludes the ~"tilage's $60,000,000 Series 1995 General Obligabon Bond An~cipaffan Bonds, Se#es 1995 due $15,000,000 on December 1, 1997, $17,500, O00 on December1, 1998 and $20,ooo, ooO on December1, 1999. Proceeqs of the Bond Anficlpalion Bonds were useq to capitalize interest to the respective roatudty dates and pro~ide funds to complete the infrastructure improvements to enable the redevek~pment of the now closed Gtenview Nava~ Air Stalion. Proceeds from the sale of land at the Glenv~ew Naval Air Station will be I used to pa), the Bond Anficigation Bonds at their final mutually. The $1,266,830 principal amount of epecial sen4ce area bonds, the p/~eeds o_f which have beeq used for .v_ar~ous neighbod'~.tocai ~p. m. vamenta,~.d w.,~.c~, are secured by properb/ taxes to be levfed ~n the appficable sdeclai servlca eroas, is shown as overlapping debt ~n the table Detailed Oveqapptng Bonded Indebtedness Payable Fmrn Property Taxes; 2. Asah~meru~eunitunderthe197~tiinaisC~ns~u~n~theviliagehasn~debtfimitanditcanissuegenera~b~igationbondswith~ut I referendum. The Vifiage has chosen to fund vadous water/sewer impro~ments with generalobligation bonds and abate taxes from user charges. The Village has annually abated taxes on its self-supporting bonds and paid the debt sen, ice from water and sewer 154 ! cha~'ges. TheVi~age'swatersystemservesa~p~-~u~atfon~`~app~m~ate~y62~f`whk;happr~x~nately24~a~ou~detheViliage limits (1X, O00 in untncorporated areas and 7, GO0 in the ~zans UtiliZes seneca area). 3 includes remaining ma~urities for the Village's outstanding Sedes 1989, Sedes 1990 Sedes 1991, Sedes 1993 a.n.d Sen.'.e.~ 1994 issues. 4. These Bonds are payable primarily from revenues of the sen4ce area of a p#vate water company outside the Village J~m~ts. ~ TheViliages~ld$8,040, OOOGeneralObliga~onRefundingBonds, Series1994onAugust30, 1994. Apottionoftheissueispayabts from propedy taxes and the remainder is self-supporting from water/sewer revenues. E~ The January1, 1996 principal payment of $325,000 was considered paid as of December 31, 1995 because funds had besn tmnsterred Io ~e pay~g agent. DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) R~tio to Estimated Actual Value/lf --.~-- __ J~J~2.[~ ' ' i t ' Including Excluding Including Excluding Including Excluding Vlllaae Issue Self- Self- Self- Self- Self. Self- SsteDate Amount ~uooortin~ Suooortino~'2~ Suooortlna Suooortin~.r'2J Suooortina Suooortina/'2} October 18, 1979 ......... $ 5,700,000 2.41% .42% ' 4.01% 2.02=/0 $ 674.55 $ 339.63 July 2, 1984 ............ 3,100,000 1.30% .44% 2.60% 1.74% 806.33 54023 June 20,19~9 ........... 8,000,000 1.34% .68% 2.B7% 221% 1,043.87 801.69 May 1, 1990 ............ 4,500,000 1.53% .83% 3~23% 2.63% 1,229.81 964.91 November 19, 1991 ....... 4,165,000 .91% .50% 2.64% 2.23% 1,532.82 1,295;'4 April 7, 1992 ............ 2,895,(X~0 1.03% .50% 2.78% 2.25% 1,614.07 1,304.18 May 18, 1993 ........... 7,635,000 1.23% .7-/% 3.31% 2.85% 1,962.19 1,690.55 August 30, 1994 .......... 8,025,000(3) .94% .60% 3.00% 2.66% 2~29.73 1,978.80 January 25, 1995 ......... 60,000,000(4) .87% .57% 2.9~0/o 2.68% 2~19,67 1,995.53 October 17, 1995 ......... 500,000 .89% .57=,/° 3.17% 2-85% 2,360.61 2,123.34 Notes: 1. Ratios and per capita information as set out in applicabte Official Statamants. As set out on the cover page of thts Official Statement, the Bond An~cipa~fon B~ds now bein~ ~.~ued are not incJuded in these ra~s. ~ ExciudingtheVillage'sself. suppo~nggenemlabligabonbondeddebt.. Rnal issue ~ was $8,040,000. . . redevelopment c~sts of the Glen~ew Naval.Air ~tatian ~lcn crucially c~eseg on ~up~ux,uu~ ~, . .... ~ Bond AnScipation Bonds was not included th the debt rabbs and per capita data. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 1995 Percent of Village's Applicable Village's Share (Note 1) 1994 Real cf Gross Debt To Be Paid Propert7 in Gross From Real Pro~rtv Taxes SCHOOL DISTRICTS: Taxino Body Bonded Debt Percent ~mount Elementary Districts: Glenview School District No. 34 ...... , .......... 71.1% $11,100,000 85.733% $ 9,516,363 Northbrook School Dis~ct No. 30 ................ 10.0% 8,135,000 33.599% 2,733~/9 West Norlhfield School Distdct No. 31 ............. 8.3% 10,135,000 20.191% 2,046,358 Wilmette School District NO. 39 ................. 3.3% 1,160,000 4.928% 57,165 Golf School District No. 67 .................... 2-8°/° 2,015,000 15.278% 307,952 East Maine School Distdct NO. 63 ................ 2.7% 24,815,000 4,13(7'/o 1,024,960 Avoca School District No. 37 ................... 1,~/~ 6,100,000 7.643% 466~23 100.0% High School Districts: ~Nodhfistd Township High School Dist~ct No. 22~0~ ..... 88.8% 10,675,000 34.152% 3,945,726 New Trier Township High School District No. 3 .... 5.1% 23,945,000 2.43b'~/o 561,376 Niles Township High School District No. 219 ....... 3.4% 16~05,000 1.415% 230,150 Maine Township High School Dis~ict No. 207 ....... 2.7% 5,670,000 1.913% 57,437 100.0% Co~nmunity College District: 267.0'23 Oakton Community C~isge No. 535.. 100.0% 2,925,000 9.129% ............ $20,913,812 Total School Districts .......................................................... OTHER THAN SCHOOL DISTRICTS: 100.0% $1~42,170,000 12,74% $18,441,416 Cook County, Including Forest Pre,eryc District ........ Me~'opolitan Water Reclamaf~oo Dts~ct ...... 100.0% 1,191,680,000 1.404% 16,731,187 Gle nview Park District .................. 99.1% 1 ~75,000 81.570% 1,121,588 Northbrook Park Distflct ................. ::::::: .5°1o 740,000 .35ZYo 2,605 8.4% 1,360,000 27.561% 374,830 NorthflaidNor~ MaineWmXlSFire P rotectionSanitary Dist~ictDistrict ................... .5% 4,995,000 2.356% 117,682 Glenview Special Sauce Areas .................. Various 1,266,830 100.000% Total O~her Than School Dist~cts .................................................. $38,056,138 ,,,otc.._'- ".,,enere ' ,, .,,tfo,,,a,fon w,,,',,..,s a.d notes tseued te ;~ Excludes the following 'Altemate Bonds' issued pureuant t° Public Act 85'1419' whfoh are considered te be ssif- suppor~lg since they are payable f..ro.m. ~ser~ f~e_e~s, or..~o~ther pledged non-preparly tax sources: Glenvfew Park Distdct - $18,015,000; and Northbronk Park ~t- ,~ ~ ~,/ou, u~v. EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1) Tax Net Percent Real Pre~rty Levy Less for Taxing Increase Over Year Gros~ Exemotionsl2} Purooses Prior Year 19~0 ............ $ 742,089,241 $40,739,096 $701,350,145 +10.4% 1991 ............ 808,585,606 55,162,415 753,423,191 +7.4% 1992(3) .......... 969,052,192 56,349,750 912,702,442 +21.1% 1993 ............ 1,001,673,951 56,613,250 945,060,701 +3.5% 1994 ............ $89,104,798 57,555,8~0 931,548,998(4) -1.4%(4) Notes: 1. Proper~yin~kc~untyisseparatedint~eightc~assft~a~lansforassessmentpurp~ses(rangingin1985fr~m 16% for residential to 40% for cornmemial property). After the assessor establishes the fair rnarket value ora parcel of land, that value is multiplied by one of ihs classification percentages to at, ye at the assessed valuation for that parcel. The Illinois Department of Revenue furnishes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. After the equalization factor is applied, the valuation of the property for taxing purposes has been estabfished--ta.~ rates are applied to the equalizeq valua~on. On May 19, ~ 98~, the County Board approved the reduction of the assesseq valuaEon ({hat amount determined before equalization) of commercial and thdustdal property--the 1985 assessment ratio for industdel properties was 40% and dropped 1% per year until it reached 36% in 1989 and the 1985 assessment ra#o for cornme~Jal propefl~s was 40% ~nd dropped ~/2 o~ ~ % p~r year until it reached 38% in 1989. 2 IncJudes two major categones of exemptions: the Senior C~zens Homestead Exemp§on ($6,965,000 in 1994) and the Ganeral Homestaad Exemp#on ($50,590,800 th 1994). The Senior Citi~ens' Homestead Exemption, effectiva for ~ y~.ars 1~91 and foll~wthg, is a reduction of $2,500 ($1,500 in levy years 1972-1983 and $2,000 in levy years 1984-1990) ~n the equalized assessed value#? o~ rea/praperty owned and occupied by a parson 65 years of age or older. The General Homestead Exempt~on ~s available to owner-ocoupled rasidential property; the amount of the exemption is lhe increase in the current yea~s equalized assessed valuation above the 1977 tax year equalized assessed valuation, with a maximum of $1,500 in 1978, $6,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 theraafter. Levy year1994 marked the first year of the Senior Ci#zen Tax Freeze Homestead Exemption which provfdes that persons 65 or older with a household income of less than $35,000 may receive an exemption in the arnsont of the difference between the current equalized assessed value of each p#ncipal residence and the greater of fi) the 1993 equalized assessed value of the residence plus the value of subsequent improvements or (ii) the equalized assessed value in the year the senior cilizen becomes eligible for the exemption plus the vaJue of subsequent impravements. The 1994 value of the Senior Citizens Tax Freeze Homestead Exemption for properties in the Village was $- 0 -. 3 ~nequarter~fthec~untywastraditional~yreassessedeachyearonarapea~ngquadrannial~ula~ OnMay 5, 1986, the County Board redistricted the assessment disthcts, separating the City of Chicago from suburban Cook County as a slep toward reassassing on a tdannial basis, The Village was reassessed in 1989 and again in 1992. 4. By valuation, 81.8% of the Village is in Northfield Township, 6.8% is in Niles Township, 8.4% is in Maine Township, and 5.0% is in New Trier Township. Includes $41,706 of Railroad Property now classified as Real equalization racier mr Cook (.;oonty (from 2.1407in lavy year 1993 to 2.1135 in levy year 1994). Prol~rty.. ~ dec,.ease in e~ualiz, ed assessed valua~n was primarily due to a 1.3% drop in the State-imposed $100 EQUALIZED ASSESSED VALUATION TAX RATES PER (Levy Years) Village of Glenview: 1990 1991 1992 199~ 1994 Bonds and Interest ....................... $ .132 $ .209 $ .113 $ .171 $ .137 Pensions (Police, Fire, IMRF & Social Security) ... -563 .075 .064 .120 .179 Corporate .............................. .359 ,z~ ,4~ .400 .393 Total Village(I) ....................... $ .554 $ .747 .577 $ .691 $ .709 Cook County (Incl. Forest Preserve) ................ 1.148 1.1134 1 Metropolitan Water ReclamalJon District ............. ,525 .482 .470 .471 .495 G en~sw S.D. Number 34 ....................... 2.863 3.123 2.703 2.89~ 3.179 Not.field Township H.S.D. Number 225 .............. 1.825 1.884 1.718 1.826 2.023 Oakton Communi~' College Dist. Number 535 .......... ~ 274 239 248 255 Glenview Park District ........................... 4~6 .477 .443 .4.59 .488 Ubrary(2) .................................. .313 .314 .282 ,300 328 Nortflfield Township and AJI Other .056 ,10~ .0SO ,107 .091 Total(3) ............................ $7.892 $8.5139 $7.751 $8.(Z~8 $8.634 Village as a Percent of Total 7.0% 8.8% 7.4% 8.6% 8.2=/° Notes: 1. As he, ne unit under the 1970 I[IthoL~ the has Village tax rate lin~'taflons. ~ B. egin. n~n~7.!.n levy year 1985, the tax rate for Libra/y purposes ts considered under State law to be a separate levy TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Total Taxes Coflected as Levy Collection Total Taxes f r h 1 Year Year ~ ~,~ount (2) Percent 1989 ....................... 1990 $3,289,749 $3,303,438 100.42% 1990 ....................... 1991 3,885,480 3,900,908 100.39% 1991 ....................... 1992 5,628,071 5,620,788 99.8'~/o 1992 ....................... 1~3 5~6,293 5,239,425 99.49% 1993 ....................... 1994 6,530,369 6,504,902 99.61% 1994 ....................... 19~5 6,604,682 6,523,588 98.77% 1. Tax payments, including ~te payments end proceeds from tax sales, are shown as collections in Notes: the year when due. The 'Amount Collected is not the same as distdbutiens to the Village as tax refunds (pursuant lo court orders, first time homestead exemptions, o~3er exemptions, etc.) are deducted from 'Amount Collected' of ~he year in which the refund is made regardless of the tax year for which ~he refund is applicable, ~ Cook Countyproperly taxes are payable in ~wo installments: the fi?.,,l on_~am..h ~ aqd?e on the latter of August 1 or 30 days after the mailing of the tax pt/IS. I ne r~rsr/nstasmenr/s an es~mated bill and is ene-half of the pabr yeaYs bi#. The second installment is based on the current The second insta/Iment date for /evy,~ear1994 tsxes was Novsmber ? 19195, wh~cn was u y ~ats-priorto 1995, thelatestsecendinstallmentdatewasOctaber1, 98. 1994 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION 1990 AND Villaae of Glenview Taxable Valuation Percent of Total 1990 1994 1990 1994 ResidentJa~ ......................... $482,148,112 $636,555,760 68.7% 68.3% Commercial*. ....................... 157,089,693 203,658,741 22.4% Industrial ........................... 62,078,193 91,177,716 8.9% 9.8% Railroad ........................... 23,334 115,075 NIL NIL Farm ............................. 10.813 41,7~ NIL, NIL Total ......................... $701,350,145 $931,548,998 100.00% 109.m/o Percent Increase 1990-1994 ............................ +32.8% * The commercial classiticetion includes apartment buildings with over six units and any apailment/retail mixed use buildings. TEN LARGEST TAXPAYERS Eq~ Percent Rank Taxoever Properties Valuationfl) Villaoe [2) 1.. Kraft GeneraJ Foods ............. Corporete Hsadqumtem/Research Campus... $ 31,716,694 3.4% 2.. Zenith ..................... Corporate Headquarters-Electronics ....... 16,471,254 1.8% Corporate Headquarters ............... 14,960,263 1.6% 3.. Signode Corporaflen, Div. of ITW... 4. Harper C~lins Educ ............ Co~3orate Headquarters-Book Publisher(3) ... 9,158~67 1.~/o 5. RREEF MIDAMERICA ......... Ptsza Del PradoShopping Center ......... 7,008~98 .8% 6.. Glenview Hospitali~ ........... Doubletree Hotel ..................... 5,646,895 .6% 7.. Avon Products Inc .............. Cosmetics - Shipping Facility ............. 4,838,880 .5% 8.. Glencova .................... Apartments ......................... 4,760,130 9.. Baxter Management Corp .......... Apartments ......................... 4,102.,466 ,4% Wm. Seawall ................. Office Buidling ....................... 3.880.012 ,~% 10 Total Ten Largest Taxpayers ...................................... $102,563,159 11 .(7'/° Notes: 1. Valua~ns as of Janua~y l, 1994 ~f~.1.~.~. 'ng purp°sas' 2. Tota~ 1~J4 trg!age vaJua~ of $931, , . 3 Co/~x~ratsheadquartsrsofScot~ ~andC. on~eny. 157 GENERAL FUND Summary Statement of Revenues, Expenditures and Changes in Fund Balance (Fiscal Years Ending December 311 AuditedINote I ~ 1 ~5 1996 Revenues/Transfers: 1~91 1992 1993 1994 Budaet(21 Actual Budaet(21 PropertyTaxes(3) .................. $ 2,500 Property Taxes.Fire Protection District(12). ~ $ 3,451,772 $ 3,630,119 $ 3,748,378 $ 3~549,810 $ 3,585,385 $ 3,550,030 - - 858,383 1,119,035 1,781,710 1,972,583 1243,933 1,708,~'6 Sales Taxes ...................... 3,358,151 3,608,071 4,188,116 4,438,932 4,400,000 4,843,071 5,000,000 Utility Tax ....................... 2,687,159 2,744,525 2,876,149 2~512,867 3.260,100 2.935,686 3,205,000 State Inccrne Tax .................. 1,605,474 1,651,925 1,966,124 2,157,707 2,3~0,~00 2266,279 2, 6E0, 000 Stats income Tax Surcharge .......... 792,451 513,517 596,601 161,140 - 0 - - 0 - - 0 - Franchise Taxes .................. 218,421 237~5~ 250,8(~6 263,597 289,000 355268 293,000 Hotel Room Tax(4) ................ 503,775 497,567 531,405 589,206 600,000 618,684 600,000 Motor Vehicle Ucer~ses ............. 427,249 443,602 437,943 434,946 440,000 403,655 478,500 Building Permits .................. 216,555 257,124 354,024 343,655 331,200 294,469 357,,5~0 Other Licenses and Permits .......... 295,914 2~3,917 250,641 276,125 269,750 260~534 343,300 Charges For Services .............. 691,365 635,949 798,448 718,494 8~6,835 722,4~8 603,500 Fines and Fodeits .................. 222,904 343,S25 Z56,408 226,415 2~0,000 207,433 250,000 Interest ......................... 270,930 154277 155,002 105,601 197,700 174,561 172,000 Trans/ers-ln: Escrow Deposit(5) ................ 305,410 163,504 124,735 142,414 144,000 249,522 135,000 Other ......................... 60,000 858,478 - 0 - - 0 - - 0 - - 0 - 715,000 AJ] Otfler Revenues ................. 282.051 ~ 329.65~ .5.35.551 423.420 468.835 ~3.882 ToteJ Revenues/Transfers ......... $14,438~12 $16.913.453 $17,865,189 $18,436,738 $19.274,398 $18,629,733 $20,076,012 Expenditures/Transfers: General Government ................ $ 2,961,689 $ 2,968,999 $ 3,088,4~3 $ 3,725,026 $ 3,782,736 $ 3,808,518 $ 4,110,556 Public Safety ..................... 6,516,962 8,463,915(tl) 9,323,267 9,641,425 10,E'~,509 10~98,562 11,364,784 Highways and Streets 2.951.178 3.118.970 3296.632 3.348.927 3694.998 3.573.406 3762.007 Subtotal Expenditures .............. $12,429,827 $14,551,884 $15,7{3~,362 $16,715,378 $18,055~43 $17,680,486 $19~37,347 Transfers-Out: CapitarEquiprnentReplacement(6) ..... $ 567,254 $ 621,257 $ 710,198 $ 678,927 $ 773,593 $ 765,685 $ 546,850 Capital Projects .................. 652,000 671,0~0 551,890 878,000 351,000 1,098,000 324,850 Other ......................... 43.345 45.065 66.621 140.304 73.044 73.044 - 0 - Total E)~penditures/Transfers ....... $13,692,426 $15,889,206 $17,037,071 $18,412,609 $19~52,880 $19,617,215 $20,109,647 Revenue Over (Under) Ex,end,lures: Before Capital/Transfers .......... $ 2,008,685 $ 2,316,504 $ 2,090,206 $ 1,581,056 $ 1~19,155 $ 949,247 $ 838,665 AfferCapitaJ/Transfers ............... $ 746,086 $1,024,247 $ 828,118 $ 24,129 $ 21,518 $ (987,482) $ (33,635) Adjustments to Fund Balance ............ $ (39,935) $ 8,799 $ - 0 - $ - 0 - $ (97,7491 Fund Balance at December 31 (7) .......... $ 6,394,165 $ 7,427,211 $ 8~55,329 $ 8279,458 $ 7,194,227 Balance Sheet at December 31 Assets: 1991 1992 1993 1994 1995 Cesh and Inves~nenta(8) ............. $ 4,~41,828 $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,532 Receivables: sP ~e:eT~a Taxes .................. 3,418,768 3,.576,692 3,838,669 3,744,904 3,755,037 es ax ..................... 541,938 559,886 771,866 754,002 762,111 UUlity Tax ..................... 279,808 301,549 229,4S5 289,790 313,976 Other Receivables ............... 208,155 203,2~4 243,400 868,812 439,300 Due From Other Funds .............. 1,104,530 1,308,315 1,681,131 1,555,178 2.869,707 All Other Assets ................... 735.356 730.356 730.356 735.756 730.356 TotalAssets .................. $10,330~383 $12,056,643 $12,965,642 $12,897,249 $12..935,019 Liabilities and Fund Balance: AccountsPayab~e .................. $ 46,379 $ 106,566 $ 87,908 $ 63,490 $ 116,910 Compensated Absences Payable ........ 322,{151 488,695 475,581 440,101 6~3,186 Due To Other Funds ................ 113,806 425,413 275,412 449,066 1,137,082 Deferred Revenues ................. 3,418,768 3,576,6~2 3,829283 3,735,626 3,755,037 All Other Liabilities ................. 35,214 32,066 42,129 27,257 71,577 Fund Balance: Reserved(9) .................... $ 735,356 $ 73~,356 $ 730,356 $ 735,756 $ 730,356 Designated for Sumharge Receipts(lO).. 1,652,783 2,166,107 2,662,708 ;~.???,048 1,472,048 Undes~gnatsd ................... 4.006.026 4.53~.748 4.862.265 5.~.905 4.991.823 Total FundP.~ence ............. $ 6.394.165 $ 7.427211 ~ $ 8.181.709 $7.1~.~7(121 Tota~ Liabili'~es & Fund BaJance ..... $10,330,383 $12,056,643 $12,965,642 $12,897,249 $12.935,019 Notes: 1. From 1991 and 1992 audits by Wolf& Company, Certified Public Accauntants, Oat(Brook, Illinois, and 1993-1995 audits by Crowe, Chizek and Company, C, er~fled Pubic Accountants, Oak Brook, Illinois-See Note 1 to "Combined Statement-Ali Funds'. .. . a crag. them. ~u~)sequent to budget heanngs, the budget ~s legally enacted through passage of an ordinance. The Vii/age Manager rs authon~.ed to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total e~q~endituras of .any fund must be approved by the Beard of Tn~stees. Budgets are adopted on a basis consistent with generally accepted acceding p~olples. 3 F,.rc~__ 1_9_7_9 ~. 19.8~ the V..ii. la~.e'.s, policy with regard to General ~undproperq/taxes was to levy a constont dollar amount of approximately eu~u, uuu. ue. glnmng with ~6, the Villag~ changed th~s policy to one of a constant tax rate to ensure equal participaJ~)n in the cost of ~ovetltrr~nt ot new c~nsb~c~on and annexa~or~ 4. Effectiva May 6, 19~., the Village ~ted a 5% hotet mom tax. T~e Village has flve operaEng hotsls w~h 856 roon3s. ~ ~f~ ~re required to depostt ~ the Village ~ amount e. qual to the cost of ellimprovements being built and dedicated to the V'81age E~ The Ca,,p~tal E~uipme~t Re~..~.cemant (CERF) was by omlinance in 1979 ~he stated pu..mose of evening out the e~q~enc~a,~re$ ~or major capna~ expane~tures. All of ff~e Village s un*road and off-mad equ~pmant, fire, public works, etc., is included. Each 158 · Department is charged with the equivalent of a depredation charge which is remitted in cash to the Capital Equipment Replacement Fund · (carded in the Capital projects Fund). As of December 31, I995, the cash balance of the Capital Equipment Replacement Fund totaled $5,501,247. Z ForthefiscalyearendedDeoamber31, 1982~theVi~~agecha~geditspropertytaxrevenuerec~gniti~nt~c~nformt~theprovisi~ns~f Intarpreta~on 83 issued by the NaSonal C~uncil on Govemmenta AccounSng under which property tax revenues are recognized to the extentwith · of taxes due and collected within the current year, The current net tax levy receivable is recognized in the ba ance sheet along a · correspo~din amount of deferred revenue .... E~ Whan the ~ge changed its p~icy regarding the ~eve ~f propar~y taxes f~r the Genera~ Fund (N~te 3)~ ~t a~s~ determfned t~ mcrease the cash resen/e balance to 90 days of wchdng cash, which, given the 1995 actual expenditures of non capital expenditures totals approximately disaster, or other fiscal difficulties. The General Fued Cash Balance nas nsen rrom e ~,J//,~.~ ~, ~uu~,.,u~ December 31, 1995 which represented a cash reserve, bal~ce..of ~4 ~. _~_.L ........... ' °~'~ Fund~ was transferred to the General Fund-for the ouroose of l~aving a shod-term note for the purchase of property for redeve~opmen[ p~rposes. ~n ~l~v'~s'~;~ i'n 'L'a-n~ ~'e-I~'~o~-R-e~[e ". Other reservations of fund balance included $ I, 724 for prepaid,it, em. s, .and $27, 1. ~ 4~O t~o~r~n~co_m.~e_t_~..~ surcharge allocation. The Dacembar 31, 1995 Reserved tolal of $730,356 thcludes $725,000 for lano ne~o ror resa~e an~ ea, oao P~'u · items. . ' 1~ These funds are available for any purpose-the 'Designated' reference ~s to the source of revenues that were detarrr~ned by the Village Board F otec i was marged F re epartroant ,,, o, that data, the conli'nues to I~vy properiy taxes on that part ~f ~ts tax base out. de ~ba Village limits and remits those tax receipts the unineotporeted area that now raprasenis ~is tax base. 12~ The Ganeret Fund "Fund Balance' at Decemdar 31, 1995 of $7, f 53,705 was apual to 37.2% ol the $19,237,647 Budgeted1996 Ganeral Fund expenditures excluding transfers lot capital pucose$. COMBINED STATEMENT--ALL FUNDS(Note 1) I Fund Balances 1991-1994 and Summary 1995 Revenues, Excess Revenues and Fund Balance (Audited Fiscal Years Ending December 31) Property Over Fund Governmental Fund Typ~: 1991 19~2 1~J3 1994 T~x Total j~nditures General Fund ................ $ 6,394,165 $ 7,427,211 $ 8,255,329 $ 8,279,458 $ 3,585,385 $ 18,629,733 $(1,085,231)(g)$ 7,194¢~7 8peciaJ Revenue Funds: 0 Library ................... $ 849,892 $ 915,247 $ - 0 -(g) $ - 0 - $ - 0 - $ - 0 - $ - O- $ - Federal Revenue Sharing ....... 8,581 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 IMRF .................... (920,480) (1,165,972) (1,360,726)(14)(1,311,091) 1,099,229 2,449,020 242.,966 (1,068,125) Motor FuelTax ............. 346,431 944,542 1,139,194 788,232 - 0 - 1,318,6&3 24,853 813,085 CedJeTV ........ 93,136 80,054 67,.552 61,772 - 0 - 52,966 (7,312) 54,480 ......... - 0 - 760,304 126,379 54,.523 Refuse and Recycling ......... (95,715) (94,817) {85,218) (71,856) 911 Communications 47,191 8,534 70,338 74,768 - 0 - 299,096 31,581 106~99 GNASGrant(2) ............. - 0 - - 0 - 46 26,424 - 0 - 578,904 (128,684) (10.2,~40) GNA$ Caretaker ............ - g - - g - - O - . g. . g. 343.815 - g - ' ' TotalSpecialRevenee ....... $ 829,088 $ 682,588 $ (168,814) $ (431,751) $ 1,099,229 $ 5,602,758 $ 289,753 $ (141,998) Debt$erviceFunda ............ 3,918,745 922,565(10) 1,263~06 1,490,110 1,230,946 13,764,973(14) 8,453,950(18) 9,944,080 Funds ........... ~,~6.665 7.810.851 15.606.972(11) t4.627.948 . g - 57.541.589(15)48.441.681 6:3.069.629 Capital TotaIPmjectGovernmental Funds .... $20,028,663 $16,842,715 $24,958,793 $23,965,765 $ 5,915,560 $ 95,739,053 $56,100,153 $ 80,065~18 Pto_p!'letary Fund Typ~(3):, i:meq~rise Funds: $11,676,121 Wate~orks(4) ............. $ 8,993,5~9 $ 9,446,915 $ 9,561,969 $10,3~5,827 $ - 0 - $ 6,0~3,330 $1,280~94 Sewerage(4) ............... 2,877,448 2,618,416 2,645,544 2,838,480 - 0 - 840,415 220,6E8 3,054,108 Wl~uiesaleWater(4). - 0 - - 0 - 189~21 507,789 - 0 - 1~83,667 115,627 623,416 Commuter Parking Lot ........ ~13.920 ~46.030 ~8~537 ~ . ~. 103.199 (26.918'~ Total EntarpriseFunda ....... $11,88~,907 $12,411,861 $12,705,~71 $13,988,590 $ - 0 * $ 8,:312,611 $1,589,681 $15,578~21 Internal 8er~ce Funds: 188,214 $ 89,080 $ 184,076 $ 88,723 $ - 0 - $ 689,861 $ (459) $ 88,264 Municipal Equipment Repair(5)... $ ~12~.7cJ 1.588..5,36 2.070.657 2.~18.494 . g . 2.641.085 f~62.251~(16).~.~...4~ Total Internal Service Funds.., ~ 1.030.793 ~; 1.6-/7.616 ~ $ 2.407217 . g . ~ ~; i862.710) $ 2.04.4~07 Total proprietary Funda ...... $12,.920,700 $14,0~8.977 $14,960,104 $16,895,807 $ - 0 - $11,593,507 $ 1~26,921 $ 17,6~2,728 Fiduciary Fund Typ~l: Escrow Deposit(6) ............. $ -0- $ -0- $ -0- $ - 0 - $ .0 - $ 249,522 $ - D ' ' ................ i' ' ~6,:371 ~7,821 ~9,096 19,9~1 - 0 - 5,815 976 20,897 ~epa~ment $pedalAccolm . 13,669 7,071 8~05 21,914 - 0 - 8,944 (5,885) 16,C~9 Police Penalon ................ 11,693~3a8 12,603,771 13,625250 14~23,582 364,402 1~45,232 1~54,916 16,078,498 Firelighters' Pension ............ 10.532.848 20.918.004(12)_~ 27.43~.875 _~ 3,497.954 2.382.772(17)._~ Total Rduda~ Funds ....... $22256,196 $33,546,667 $39,198,485 $42296292 $ 591,145 $ 5,607,267 $ 3,632,779 $ 45,929,071 Component U,ntt: ~ 1~s23.801 I.~raryFund(9) ............... $ - 0 ~ ~ - O - ~ 982.679 ~; 1.125.420 ~ 2966.376 ~ i; 198.381 TotaJAllFunds(MemoOnly)... $55,2~5~.~ $64,4'/8~9 $80,100,061 $83,78~284 $ 9,473,081 $116,190,219 $61,158~34 $144,941~18 I Cash and Investments at Desember 31: 1991 1992 1993 1994 1995 General Fund ................ $ 4,041,828 $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,532 i Specie] Revenue Funds ......... 1,423,338 1,937,132 1,306,321 1,095,963 1,507,264 Debt Service Funds ............ 3,856,123(13) 223,309 31,271 753,164 11,527,572 Capital Project Funds: Capital Equiprr~nt. Replacement . 2,794,309 3,619,591 4,262,199 5,172,615 5,501,247 GNAS Project .............. - 0 - - 0 - - 0 - - 0 - 49,404,077 i AIl Other Capital Projects ...... 7,217.269 6,751,814 13,285,863 11,420,648 6,970,704 Proprieta~ Funds ............. 1,945,473 2,822,126 3,613,334 3,113,842 3,466,959 Fiduciary Funds(7) ............ 26,55.2,~. 36,921,378 43,738,337 46,063,661 49,647,671 Component Unit - Library Fund(9) .. - 0 - 1.006.973 1,149.027 1.343.953 Total Cash and [nves~lents(19) $47,830,942 $57,651,911 $72,715,Q23 $73,717,457 $I33,433,979 I Notes: 1. Fra~ 1991 ~d 1992 audits by Wolf & Company, Cer~fled Public Accountants, Oak Brook, Illinois, and 1 993- 1 995 audits by Crowe, Chizek and Company, Certified Pu~l!c A..ccou_~tants, Oak B .r~.. k, I. ll..!n, ols. The aco~un~hg policies ~f the Village conform to ganerelly accepted accounting p/inciples as applicable to eg~n~i~.nlmTe~al uqlrs. I. na accounts bt the yl[laga are organ,zed on the bas,s of funds and account groups, each of which is considered a separate accoun~ng [ ry. i ne various tunds are grouped ~nto the three broad catego/ies of Govemmantal Funds, Fiduciary Funds and Prop/ietary Funds. Within the Governmental Funds ate the General Fund (the general operation fund) which is used to account for all financial resources except those required to be I accounted for in another fund; Special Revenue Funds which are used to account for the preaeeds of spedfic that revenue tega/ly to e,?endifures for specified purposes; Debt Service Funds; and Capita/Project Funds All gavemrnenta] funds and expendable t~ust funds are accounted for using a current flnanc~,l resources measurement feaus which bas only current assets and current llabiflties on the balance sheet and operating statements present focraasea and decreases in net current assets. All prop/ietary funds and pension trust funds are accounted for on a flow of economic resources i measurement focus with all assets and liabilities associated with the operation of these funds included on the balance shee~ and fund equity segregated into c~ntdbuted capita~ and retained eamthgs--~perating statements presen~ increases and decreases th nat t~ta~ assets The mod fled acctual basis of accounting is followed for all Governmental Fund Types and Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and Prop/ietaq/ Funds are accounted for using the accrual basis of accounting. For the fiscaTyear ended December 31, 1982, the Village changed its property tax recognition to conform to the provisions of Interpretation #3 issued by the National .C_o,u, ncll on Governmental Accoun~g u.,nde, r...whi_~,~ proper~y tax revenues ~ra recognized fo ~h~ extent of taxes due and colleated within the current year. The Report of Independ, e_nt Au, ditors' in I rne village s ganere~ purpose financial statements for its fiscal year ended December 31, 1995 included the following language (comparable 'clean opinions were included in ~he Village's 1981-1~94 audits shown in this table): 'in cur opinion, the general purpose financial statements referred to above present faidy, in all matedal respects, the financial pcai¢bn of the Village of Glenuew, Illinois, as of December 31, 1995, and the results of its operations and the cash flows of its proprietary fund O'Pea for the year then ended in conformity ~ generally accepted accounting pdnciptes. Also, in our opinion, the combthing, thdit4dual fund, I and account group financial statements referred to above present fai/iy, in a ma e/ia/respects, the financiaiposition of each of the individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1995, and the results of oparellons of such funds and the cash flows of individual prop/ietary funds for the year then ended, and the financial poalfion of the General Fund as of De,ember 31, .1995 and the results of i~s operations for the year then ended, in conform/O/with generally accepted accounti~cl l~/inciptes. · 2. TheGten~ewNava~AirStetlonFundwascreatedfoaccountlortheres~urcesandexpendifurasincurredinthesearchf~rfufurau~fth~Nava~AirBasa I land wh~h was vacated by the Navy on September 9, 1995. 3revenues-raTheam~untssh~wnasfundba~ancesf~rtheProp/ietaq~Fundsareretaloedeamthgs(exciudescontdbutedcaresent``` -- pitel~) andtheamountsshownas'excess p ,,,ecnangethratethedeamthgs. "i'otalrevenues'repreaentopere~ngrevenoes. 4. Prior to fiscal year 1993, the Village maintained two Waterworks Funds to provide accounting forthe eastern portion of the Village (Waterworks East) and the wastem portion and the applicable unincorporated area adjacent to the weatem border of the Village (Waterworks West) that is served by the water I system(ratalnedearningsatDecember31, 1992were$3,909,087forWaterworksEastand$5,537,828forWater~vorksWest). Thetwoaccounfl~gfunds were set up in 1977 when the two p/ivate water companies se~fng the applicable western portion and unincorporated areas were, at the request of the residents, acquired by the Village for the puqsase of up-grsdthg the water quality in that area by replacing wall water supply with Lake Michigan water supply that had been available th east Glenview since 1937. It was determined that the cost of amortizing the debt applicable to the acquisition of the two p/irate water companies and constructing the necessary transmission main, storage and west system up-grading would be paid for by the customers of the west I system. Theuse~fdi~edngretescontinueduntll1992whenauol~edretsstructur~wasputinplacaandtheuse~famialmumchargaf~rwaterusagewas eliminated. The two funds were combined in fiscal year 1993 and, for compadson purposes, the two funds are combined in this table for pdor years. A sel~arate Sewerage Fund was created in fiscal year 1986 to account for the funds nsceseary to provide sanitary sewer service to both the incorporated and unincorporated areas served by the Village. Prior to ~988, these funds were accounted for in the two Waterworks Funds. The Wholesale Water Fund accounts.f?r the sa~e of water to Citizens Utility Company for its sert4ce area outside the Village of Gtenv~ew. I ..~ TheMunic~pa~EquipmentRepairFundisusedfoacc~unt~rtheeasts~frapa~/ingandmaint~ingal~Vi~agevehic~es~ ~ TheEscrowDep~altFundisusedfoaccountf~rmonies~ndep~altwiththeViiiage--thec~st~fpub~loirnpr~vementst~bededicatedtotheVifiagamustbe escrowed with t~e .Villag~ and as payments are required for satisfactory wad( completed, monies are released to contractors. Interest eamed on the escrowed deposits ts r. etalnsd b~v the Village ~ annually transferred to the General Fund. Z ~S aeaels hold/n.ihe Dpferrad ..Com/:~ensafion P~3n Fund (Agency Fund). 8. ndudea$97,749negabvaadiustmenttopnsryeaYsfondbalance. I 9. 7 I r r1g93 th .b Fundtsp ontedthth ` I a .aca w"on unitoftheViitege -" " ubraryp e eathe raoledsti _. ega~y~ep~a~ra~egavemrnsn~separa~alyaleat~7-member ~board~ wh~annual~yd~errnthesitsbudgetandtaxtevy)~ 10. ~__n_o_r~p.e_~, a.,~sth?_nt.. ~.ecre~se of $3.,. 15 ~,~5 which wo~ld result in an a~justed December 31, 1991 ,bala/tce of $767,170. The adjustment was to correct recoP~ng o[ ~enea ~ u.~ ~ ~ona proceaes wta~ should have been recorded m 'Waterwozks-Weat Fund. I 11. Includes proceeds fr~-n th? Vd/aga's .sale ~f ~7, 635,000 General Obligation Bonds, Sedes 1993 (dated May 1, 1993). 1~ Up~n ~he merger of tha Firee Prolecti~n D~thct ~parell~ns int~ the Gtenview Fire Depar~nant~ the Village assumed penalon p~an resp~nsibi/itiea f~r the new fire~ghtels and recalvad the assets of the DistficYs pension p~an which totaled $8,847,410. 13. thcluded funds for January l, 1993 payreants. 14. I/',cludes$10,750,~OOfmmBondAnticipatieaBondprocaedslorcapi~aJizedthterast. I 15. Incfudes$49,450,750f~omBondAntidl~f~nBondproceeds. 16. Includes$575,838negatl~,eadjustmentofpdoryearfundbaiance. 17. Iolcudes$509,334nega~vaad~tmentofp~oryearfundbatenca. 18. Inoludea$2__,46_ ~114nega#vaad~cabl~entofpesrysarfundbaleace. 19. The Village s Cash Control and Investment Policy was odgloally adopted on February 21, 1983 and was revised on March 15, 1985 and again on January 16, 1958. ! ! ! ! FIXED ASSETS AT DECEMBER 31, 1995 General Fixed Proprietary Fund I Assets/It ~i.~(ed Assets f2} ...... $ 3,9(6,095 $ 67,851 Land and Improvements .................. - 0 - 203,309 Le~shold Improvements ........................ 13,445,095 243,645 Buildings and Improvements ..................... 21,185,317 I Water and Sewer Sys~ms ...................... - 0 - Equipment .......................... 8~31,612 5,788,680 ....... 573,484 - 0 - Furniture .................................. 328.841 5.457 Office Equipment/Other ......................... Less: Accumulated Depredation .................. - 0 - t7.987.387~ Total .............................. $25,484,127 $19,506,872 count Grou rather than zn governmental funds. All fixeu ,~ .............. . ' -- I AC ..... ?_P~r_a_, ~o ~, ~tual is not known C, ontdbuted fixed asse~s are recorded at the~r fa~r rnarKet on the date donated. Public domain (infrast[ucturo) fixed assets including roads, bddges, curbs ~val~uen,~rs s~eets and sidewalks, drafllage systems an(l lightin~ sy. ste, ms ~ave not _b~, ~n._~ca~.it~a~l~,~d~, tNhO~ ~p~e~'~n is recorded on General Fixed Assets. This table ~ncluoes me genera~ .x~u ~ ...... view Public Library * I Glen ..... 'A~__.:_o_.. ~,,-ds are valued at historical cos or est mated h~stoncal cost, is pro~4ded over the esllmated useful lives using the straight line method. I I I I I I I I I I I I 161 I